Bitcoin transaction volume on PayPal hits its highest level since May as the price hits ATH
Bitcoin trading volume at PayPal, a global payments company, hit $ 145.60 million on October 20, just as the largest cryptocurrency rose to a record high of $ 67,000.
That volume surge was the highest since the Bitcoin price crash on May 19, falling from around $ 43,500 to as low as $ 30,000. On the same day, $ 304 million BTC changed hands, almost double what it was on October 20.
Bitcoin PayPal volume. Source: ByBt.com
In both cases, however, it is unclear whether the volume was due to increased buying during the Bitcoin bull run or a sell-off near new highs. Whatever the reason, PayPal’s numbers reflect an increase in retail activity on October 20th, further evidenced by an increase in Internet inquiries for the “Bitcoin” keyword.
The search for “Bitcoin” peaked on Wednesday. Source: Google Trends
In particular, PayPal offers a minimum investment in Bitcoin of USD 1. As a result, the payment services company has become a viable platform for retail investors, a move seen by the industry as a sign of broader adoption of cryptocurrencies.
Interestingly, the total number of unique addresses holding at least $ 1 of BTC has increased since PayPal launched the crypto sector from 26.83 million on November 20, 2020 to 33.89 million on November 20, 2020. It was 34.12 million on October 20, an all-time high.
BTC addresses with balances greater than 1. Source: CoinMetrics, Messari
Alexander Vasiliev, co-founder and chief customer officer of the crypto payment service Mercuryo, sees PayPal’s foray into the crypto industry as a sign of a retail boom. He expects Bitcoin to end the fourth quarter of 2021 in the green as daily traders seek a safety net against the steadily rising inflation.
“Increased buying pressure from PayPal users and the corresponding impact on Bitcoin price could trigger a remarkable rally this fourth quarter and year-end.”
“The company has millions of customers and buying in large quantities of BTC can effectively push the price to new highs.” […] With an ATH of $ 67,000, the worst-case price is $ 80,000 and the best price is $ 100,000 by the end of the year. “
PayPal has around 392 million active users worldwide, but its crypto services are only available in the US and UK. Meanwhile, the company is also aiming to enter the decentralized financial sector (DeFi), which signals an expansion beyond Bitcoin.
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According to Cointelegraph