PayPal logs its largest Bitcoin volume since May BTC price crash

Bitcoin (BTC), trading volumes on global payment provider PayPal reached $145.60million on Oct. 20, as the benchmark cryptocurrency rallied to its record high of $67,000

Volumes surged to their highest level since the May 19 Bitcoin price collapse, which saw prices drop from $43,500 to $30,000. The day saw a staggering $304 million in BTC change hands, nearly double the volume logged on Oct. 20, which was around $43,500.

Bitcoin PayPal volumes. Source: ByBt.com

It was not clear if the volume increase was due to increased Bitcoin price rallies or selloffs at the new highs. Whatever the reason, PayPal readings showed an increase in retail activity on October 20, as further evidenced by an increase in internet searches for the keyword “Bitcoin”.

On Wednesday, Bitcoin interest peaked on the internet. Source: Google Trends

Retail boom

PayPal makes it possible to invest in Bitcoin with as little as $1. The payment service company has become a viable platform to invest in Bitcoin, which is seen as a signal for wider adoption of crypto.

It is interesting to note that since PayPal’s entry into crypto, the total number of unique addresses with at least $1 worth Bitcoin has risen from 26.83 millions on Nov. 20, 2020 to 33.89million at press time. On Oct. 20, it was at an all-time high of 34.12million.

BTC addresses that have a balance greater than $1 Source: CoinMetrics and Messari

Alexander Vasiliev was co-founder and chief customer officer at crypto payment service Mercuryo. He saw PayPal’s entry into crypto as a sign that there is a retail boom. He predicted that Bitcoin would end the fourth quarter and final quarter in profit as everyday traders seek safety nets against an ever-increasing inflation.

Related: Bitcoin continues correction as Ethereum sees “picture perfect rejection” at all-time highs

Vasiliev said that the increased buying pressure of PayPal users and its impact on the Bitcoin price may cause a significant up-shoot in the fourth quarter and at the end of the year.

“The company has millions customers, and a large buy-up of BTC could effectively push Bitcoin to new heights […] With ATH at $67k we may see a worse-case price hit of $80,000 and a best-case scenario that reaches $100,000.”

PayPal boasts 392 million users around the world, but crypto services are only available in the United States or the United Kingdom. The company is looking to expand beyond the Bitcoin sector by entering the decentralized finance sector (DeFi).

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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