• PayPal has recorded its highest Bitcoin volume since the May BTC price crash

  • On the day Bitcoin reached a record high of $67,000, the world’s leading payment services provider processed $145.60 million in Bitcoin trades.

    On Oct. 20, Bitcoin (BTC) trading volumes on global payment service provider PayPal reached $145.60 million, just as the benchmark cryptocurrency surged toward a record high near $67,000.

    The most recent surge in volumes was the highest since the May 19 Bitcoin price crash, which dropped from around $43,500 to as low as $30,000. On the day, $304 million in BTC was exchanged, nearly doubling the volume seen on Oct. 20.

    Nonetheless, it was unclear in both cases whether the volumes were due to increased purchasing during the Bitcoin price rally or selloffs near the newly-achieved highs. Whatever the reason, the PayPal readings indicated an increase in retail activity on Oct. 20, as evidenced by an increase in internet searches for the keyword “Bitcoin.”

    A retail renaissance?

    Notably, PayPal enables users to begin investing in Bitcoin with as little as $1. As a result, the payment service provider has emerged as a viable platform for retail investors, which the industry sees as a signal for greater crypto adoption.

    Interestingly, since PayPal’s entry into the crypto sector, the total number of unique addresses holding at least $1 in BTC has increased from 26.83 million on Nov. 20, 2020, to 33.89 million at press time. Meanwhile, the count reached an all-time high of 34.12 million on October 20.

    PayPal’s entry into the crypto industry, according to Alexander Vasiliev, co-founder/chief customer officer of crypto payment service Mercuryo, is a sign of a retail boom. He predicted that Bitcoin would turn a profit in the fourth and final quarter of 2021, as everyday traders seek safety nets against persistently rising inflation.

    “The increased buying pressure from PayPal users, and its corresponding impact on the price of Bitcoin, may cause a significant up-shoot this fourth quarter and as the year comes to a close,” Vasiliev told ULTCOIN365, adding:

    “The company has millions of customers, and a massive buy-up of BTC has the potential to propel Bitcoin to new highs […] With the ATH at $67k, we could see a worst-case price hit of $80,000 and a best-case scenario of $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 the UK. Meanwhile, the company is planning to enter the decentralized finance (DeFi) sector, indicating that it is expanding beyond the Bitcoin sector.

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