PayPal Reached $240 Million in Cryptocurrency Trading
As global market capitalization retakes $1 trillion, PayPal reaches its all-time high cryptocurrency volume in just 24 hours.
According to data provider Nomics, $242 million worth of cryptocurrency moved through the platform today, smashing its previous record of $129 million set last week. The data is provided by itBit, the exchange that PayPal has chosen to buy digital currencies through. Of course, we can’t assert that record volume happened due to PayPal, but itBit's volume performance never crossed $5 million per year prior to the PayPal announcement. Since then the exchange volume doesn't stop growing.
Besides, there is a fact that PayPal doesn’t let users withdraw their digital coins to external crypto wallets and use them in merchant transactions. Meaning, we can suppose that the recent surge in trading volume was not made by institutions.
Whales are All In
Many of us are keen to know if the volume skyrocketed because investors now are cashing in or cashing out. For now, we do not have that information. Interestingly, the recovery of the most advanced digital asset started last night and continued its active surge amid the news of PayPal’s new record volume. At the time of writing the article Bitcoin`s price is trading at the $34,600 mark and seems very bullish.
According to Elias Simos` tweet, the crypto wallet addresses with more than 1,000 BTC continued growing while the markets crashed:
“Addresses with more than 1k $BTC continue growing at the expense of all others–even as this most recent downturn is taking effect.
While you were selling, whales were gobbling up your Bitcoin...”
Back to Normal
Actually, the cryptocurrency market had a good day today. While market capitalization plummeted to $900 billion yesterday, it has come back to $1 trillion just in a day. What a difference!
Almost all of the top 20 digital currencies returned their volume, especially Stellar and HEX making 18% in a day. In addition, Google searches for Bitcoin, Ethereum, and other cryptocurrencies are also growing. The Crypto community is positive and holding long positions, well 2021 started not bad at all.
