{"id":356544,"date":"2021-10-22T17:27:08","date_gmt":"2021-10-22T14:27:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paypal-logs-its-largest-bitcoin-volume-since-may-btc-price-crash\/"},"modified":"2021-10-22T17:27:08","modified_gmt":"2021-10-22T14:27:08","slug":"paypal-logs-its-largest-bitcoin-volume-since-may-btc-price-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paypal-logs-its-largest-bitcoin-volume-since-may-btc-price-crash\/","title":{"rendered":"# PayPal logs its largest Bitcoin volume since May BTC price crash"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a264ab681697\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a264ab681697\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/paypal-logs-its-largest-bitcoin-volume-since-may-btc-price-crash\/#Retail_boom\" >Retail boom?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># PayPal logs its largest Bitcoin volume since May BTC price crash <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) trading volumes on global payment service provider PayPal reached $145.60 million on Oct. 20, just as the benchmark crypto rallied toward its record high near $67,000.<\/p>\n<p>The latest spike in volumes came out to be the highest since the May 19 Bitcoin price crash from around $43,500 to as low as $30,000. On the day, some $304 million worth of BTC changed hands, almost double the volumes logged on Oct. 20.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/6318aba2-4edb-4b05-9beb-e7d0a5d84fd8.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin PayPal volumes. Source: ByBt.com<\/em><\/figcaption><\/figure>\n<p>Nonetheless, in both instances, it was unclear if the volumes were due to the increase in purchasing during the Bitcoin price rally or selloffs near the newly-achieved highs. Whatever may be the reason, the PayPal readings reflected a rise in retail activity on Oct. 20, further attested to by a spike in internet queries for the keyword \u201cBitcoin.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/50c1ddda-9db1-4298-be7a-7e8f3c164527.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin interest on internet peaked on Wednesday. Source: Google Trends<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Retail_boom\"><\/span>Retail boom?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Notably, PayPal allows users to start investing in Bitcoin by putting as little as $1. As a result, the payment service firm has emerged as a viable platform for retail investors, a move seen by the industry as a cue for wider crypto adoption.<\/p>\n<p>Interestingly, since PayPal&#8217;s push into the crypto sector, the sum count of unique addresses holding at least $1 worth of BTC has surged from 26.83 million\u00a0on Nov. 20, 2020, to 33.89 million at press time. Meanwhile, on Oct. 20, the count was 34.12 million, an all-time high.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/377254cb-0dd6-4384-bdb8-18b5e465d13e.png\"><figcaption style=\"text-align: center;\"><em>BTC addresses with balance greater than $1. Source: CoinMetrics, Messari\u00a0<\/em><\/figcaption><\/figure>\n<p>Alexander Vasiliev, co-founder\/chief customer officer of crypto payment service Mercuryo, saw PayPal&#8217;s foray into the crypto industry as a sign of retail boom. He expected Bitcoin to end the fourth and final quarter of 2021 in profits as everyday traders look for safety nets against a persistently rising inflation.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin extends correction as Ethereum sees \u2018picture perfect rejection\u2019 at all-time highs<\/em><\/strong><\/p>\n<p>&#8220;The increased buying pressure from PayPal users and its corresponding impact on the price of Bitcoin may stir a notable up-shoot this fourth quarter and as the year runs to an end,&#8221; Vasiliev told Cointelegraph, adding:<\/p>\n<blockquote><p>&#8220;The company has millions of customers and a massive buy-up of BTC can effectively push Bitcoin to new highs [&#8230;]\u00a0With the ATH at $67k, we may see a worse case price hit of $80,000 by year-end and a best-case scenario of $100,000.&#8221;<\/p><\/blockquote>\n<p>PayPal has around 392 million active users worldwide, but its crypto services are available only in the United States and the United Kingdom. Meanwhile, the company is also eyeing an entry into the decentralized finance (DeFi) sector, signaling expansion outside the Bitcoin sector.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/paypal-logs-its-largest-bitcoin-volume-since-may-btc-price-crash\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# PayPal logs its largest Bitcoin volume since May BTC price crash &#8221; Bitcoin (BTC) trading volumes on global payment service provider PayPal reached $145.60 million on Oct. 20, just as the benchmark crypto rallied toward its record high near $67,000. The latest spike in volumes came out to be the highest since the May&#8230;<\/p>\n","protected":false},"author":1,"featured_media":356545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvYmQ3YTQ3MjItMWQ2ZS00MTg2LTk4ZTMtNDhlN2FmNjQwNGEyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74937,74982,74939,75150,76574,73785,70470],"class_list":["post-356544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-market-analysis","tag-market-update","tag-paypal","tag-markets","tag-retail"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=356544"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/356545"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=356544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=356544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=356544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}