According to the latest media reports PayPal is thinking about an integration of cryptoassets. Portals such as financemagnates.com report on the plans and raise hopes among many investors. After PayPal announced its exit from Libra, the payment giant could now pursue and implement its own plans. The Bitcoin could benefit from this if one takes a look at the number of PayPal users.
It is a message that is causing a furore in the crypto space: When coindesk.com reported on Monday evening about the plans of Fintech giant PayPal, many users pointed their ears. According to the report, a well-informed source told coindesk as follows: “As far as I know, they will allow the purchase and sale of crypto directly through PayPal and Venmo.” For the block chain industry, such an adaptation could have enormous consequences.
PayPal: Big Player with over 270 million users
With about 277 million users PayPal is one of the largest payment service providers worldwide. The listed company drew attention to itself a few months ago when it terminated its cooperation with Calibra. Should the new reports prove to be true, the FinTech company is now planning its own “roll-out”. Millions of users have trusted PayPal for years. This trust could spill over to crypto-currencies through an integration. The project could therefore build a bridge for the mainstream.
Bitcoin course pumps
At the time of writing, the market leader is quoted at USD 9637, which represents a daily gain of approximately 2%. Bitcoin confirms the good start to the week and the trading volume climbs back above the 20 billion mark after a few days. There is also good news from Wall Street, with the traditional markets continuing the recovery from the previous week.
These limits are now moving into focus
Of course, after crossing the trend line at 9600 USD, the bulls are now looking at the magic 10000 USD mark. However, the resistance at 9800 USD has turned out to be a serious hurdle several times in the past. It is questionable whether the current purchasing power is sufficient to push into the five-digit USD range. On the downside, the trend line at 9600 USD now forms the next support level.
The Altcoins use the slipstream of the No.1 crypto currency for their own exchange rate gains. In the top 20, Tezos (+ 3.67 %), Chainlink (+ 10.03 %) and Compound (+ 25.30 %) are the main players. The double-digit percentage price outbreaks indicate that volatility is gradually returning. In addition, alternative assets have been able to cautiously shake the BTC dominance in recent days. At the moment 64.7 % of the total market capitalisation is in BTC investments.
PayPal is approaching the Blochain sector again and is causing a furore among many investors. To what extent the unconfirmed reports will affect the current price remains uncertain. What is certain is that implementing the project would most likely involve countless regulations. This problem can be observed time and again with the Libra project.