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Home Latest News Bitcoin Bitcoin Hits USD 16,400 as More PayPal Users Start Buying Crypto

Bitcoin Hits USD 16,400 as More PayPal Users Start Buying Crypto

Bitcoin (BTC) has extended its earnings after the announcement that online payments giant PayPal has expanded its latest crypto services to all its customers in the US (excluding Hawaii), double the maximum dollar that could be invested on crypto assets.

Yesterday at 08:47 (UTC), BTC traded at USD 16,192 and rose by 2 per cent a day and 4 per cent a week. Among the top 10 cryptocurrencies by market capitalization, the most common cryptocurrency is only outperformed by litecoin (LTC) which is also available on PayPal.

Ethereum (ETH) and bitcoin cash (BCH) are also offered by the firm. ETH has fallen by 1% to USD 459, while BCH has declined by 3% to USD 251.

George McDonaugh, Managing Director and Co-Founder of publicly listed cryptocurrency and blockchain investment firm KR1, said in an emailed commentary: “Bitcoin has spent 0.32% of its life at 16k and above, which means there were relatively very few buyers at that level back in 2017. Also the space was smaller in terms of participants. This correlates to there being very few sellers at this level now, meaning there isn’t a strong resistance band for the bulls to push the price higher,”

He said he doesn’t expect BTC to reach USD 20,000 in this current move as it will consolidate before going again and breaking through in early 2021: “That’s how bitcoin has liked to behave in the past.” According to cryptonews.com, in its FAQ section, PayPal confirmed that it has doubled the maximum dollar amount for weekly cryptocurrency purchases to USD 20,000, or more than was planned two weeks ago (USD 15,000). The maximum dollar amount for any single crypto purchase is also USD 20,000. Also, until December 31, there are no extra fees for using these new services.

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