Bitcoin (BTC) hits $12,865 during trading on October 21 as PayPal would support four cryptocurrencies to boost markets in 2021.
It has been reported by data from Cointelegraph Markets, Coin360, and TradingView that Bitcoin’s best day in over a year as 24-hour gains topped 7%.
However, the report said that hours after rising to $12,400, BTC/USD crossed $12,500 to only see resistance at just below $13,000.
PayPal plans to support Bitcoin and three altcoins, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from next year.
Likewise, reactions continue to surface and are mixed in mood, with some analysts criticizing the company for not giving prospective investors the freedoms associated with standard cryptocurrency wallets.
PayPal aims to provide de facto cryptocurrency custody services but will place restrictions on how funds can enter and leave its products.
Quant analyst PlanB countered:
“So, this is all a big PayPal nothing burger, just entries in a central PayPal database, nothing to do with Bitcoin.”
Thus, the impact on market sentiment was immediately apparent after Reuters broke the news, Litecoin leading the altcoin gains with an 11.1% advance to $52.30.
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.