Bitcoin Hits $12,865 During Trading On October 21 As PayPal Supports Cryptocurrency To Boost Markets
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.
Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF — PayPal (@PayPal) October 21, 2020
PayPal plans to support Bitcoin and three altcoins, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from next year.
The service will be available to PayPal account holders in the U.S. in the coming weeks and initially feature #Bitcoin, #Ethereum, #BitcoinCash and #Litecoin directly within the PayPal digital wallet. — PayPal (@PayPal) October 21, 2020
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.”
OK, we can forget this Paypal "news". "Crypto in [the Paypal] account cannot be transferred to other accounts on or off PayPal." So, this is all a big PayPal nothing burger, just entries in a central PayPal database, nothing to do with #bitcoin pic.twitter.com/cHGQIEdHaL — PlanB (@100trillionUSD) October 21, 2020
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.