Bitcoin’s steady upward correction from its weekend low of $ 9,161 on Monday has picked up momentum after it became known that the fintech giant is reportedly planning to offer direct crypto sales.
PayPal enters the crypto room
Global payment company PayPal could reportedly launch services that allow users to buy, sell, and store Bitcoin. The report also mentions that PayPal is seeking liquidity through several crypto exchanges, including BitStamp and Coinbase.
The rumor helped Bitcoin improve its short-term bullish direction. Top analysts saw PayPal’s potential participation in the Bitcoin market as a signal for the growing acceptance of the mainstream.
“[The news] immediately expands Crypto’s potential investor base by an order of magnitude,” commented the data aggregator company Messari. PayPal Has More Than 300 Million Users Worldwide As Paul Tudor Jones noted in his May letter, bull markets build on an ever-expanding universe of buyers.
Traders use the PayPal thesis to push the BTC / USD exchange rate up to $ 9,792 during late US trading.At the beginning of Tuesday, the couple slightly reduced some of their profits and fell 0.55 percent to $ 9,637. However, that didn’t stop leading cryptanalysts from imagining an extended upward movement toward $ 10,000. A prominent analyst believes that by maintaining a floor of support above $ 9,600, Bitcoin has enough room for another move up.