PayPal reached $215.87 on Oct. 21, a few dollars past its previous all-time high of $212.38, set on Sept. 2, 2020, according to data from TradingView.
PayPal plans to integrate Bitcoin, Etheruem, Litecoin, and Bitcoin Cash offerings into their network in 2021.
Opening the trading day at $206.20, PayPal quickly rose past its all-time high, but just barely - breaching the level by about $0.14.
The asset subsequently fell lower before breaking the previous high with conviction, rising past $215. Bitcoin has also reaped the benefits of PayPal's news, briefly reaching $12,900- a $1,000 price increase over 24 hours.
The price has dipped back to $12,750 at time of publication.
Crypto analyst PlanB described the news as anticlimactic in a tweet, noting that customers will not be able to transport their digital assets off of PayPal, based on an FAQ page on the company's website.
"Currently, you can only hold the Cryptocurrency that you buy on PayPal in your account," the page says.
"Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal."
PlanB reconsidered his sentiment in a follow-up tweet, noting Bitcoin's price action in response to the development, as well as the potential mainstream crypto access PayPal may add.
PlanB is known around the crypto industry for his stock-to-flow model which predicts that Bitcoin's price could rise above $100,000 per coin.
Wall St drives PayPal to all time high on Bitcoin news
Published on Oct 21, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.