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Paypal sets a new record in trading volume of cryptocurrencies


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 Paypal sets a new record in trading volume of cryptocurrencies

The crypto market has matured remarkably in recent times to the point where such an article title has become normal, as the title deals with an institution that was at one time opposed to Bitcoin to become among the institutions that support it.

Paypal achieved a new record volume of trading in digital currencies worth $ 242 million, surpassing its previous high of $ 129 million a week ago, according to Nomics.

The data is quoted and derived by looking at the numbers of the “itBit” platform, through which PayPal has chosen to buy its digital currency.

Although it is not possible to know precisely and with certainty whether this rise in volume is related to Paypal, the size performance of itBit has never risen to more than $ 5 million in the year before PayPal's announcement.

Since then trading volumes have grown exponentially.

As speculation continued, many wanted to know if the sudden rise in volume was caused by investors buying or selling.

That data was not disclosed.

However, Bitcoin's recovery began on Monday evening and gained momentum as news spread about the new record set by Paypal.

At the time of writing this article, the Bitcoin price in BTC has returned to over $ 35,000 and appears to be recovering from the declines seen on Monday.

Elias Seamus believes that holders of large portfolios bought bitcoins when the price fell as portfolios containing 1,000 bitcoins continued to grow and increase.

 Most of the alternative digital currencies were positively affected after the rise of Bitcoin, and the rebound of digital currencies differed in terms of the rates of rise.

The crypto market is stable and investors looking to profit:

It was a quiet day on Wall Street for equity investors.

The Dow closed 0.29%, the S&P 0.66% and the Nasdaq closed 1.25%.

However, on a weekly basis, all markets are up by more than 3%.

Bitcoin has also recovered some of its recovery and currently appears almost stable above the $ 35,000 level, but investors are waiting for Bitcoin to continue achieving record numbers with different technical views on that.