PayPal Announcement Propels Bitcoin to Nearly $59,800

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Created by TradeOr

3rd Party Analysis 01 Apr 2021

Key Takeaways:

– Bitcoin zeroes in on $60,000 as crypto proponents aim to retake the milestone
– PayPal announces US clients are now able to pay for good with bitcoin

PayPal News Boosts Bitcoin’s Momentum

Bitcoin received another boost this week from the mainstream financial industry. On news from PayPal, the largest cryptocurrency climbed to a two-week high of $59,750. The payments giant, PayPal, announced on Tuesday that it will enable its US customers to purchase products with cryptocurrency. The service, Checkout with Crypto, now allows clients to instantly pay with Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. The payment in crypto goes through a conversion that settles the transaction in US dollars with no additional transaction fees.

The PayPal wallet now features the additional cryptocurrency field where users can see their cryptocurrency balance with the exchange rate to US dollars. The selected cryptocurrencies are now considered a valid means of payment for “select purchases at millions of global online businesses”.

 

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PayPal’s Crypto Offering

“Eligible users can purchase crypto in the PayPal wallet for as little as $1, and when you check out with crypto, we’ll take care of the sale and conversion of your crypto holdings to cover the purchase,” PayPal’s statement says.

The news spread quickly around the crypto space and soon after bitcoin was hovering above $59,000. The blockchain-powered asset was able to reach an intraday high of $59,400 on Tuesday and closed in the green for a second straight day, up 2.5% on the day to end the session at $58,650.

On Wednesday, the price remains elevated with a new weekly high at $59,750. As the day progressed, however, bitcoin retreated from overtaking the $60,000 mark as price has eased below $58,000, currently at $57,600. As the last trading day of the month approaches its closure, bitcoin remains well-bid to end March in positive territory, up about 27% month-to-date.

This month marks one of the strongest waves of support for the cryptocurrency market with many investment institutions, payment gateways and large corporations now on board. For the first quarter, to current market levels, bitcoin has gained 95%, almost doubling in price.

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