It’s an era of a bullish trend for cryptos as the price of Bitcoin continues to spike to new all-time highs, the latest price point being $40,000.
With PayPal reaching a record high in its daily transaction volume, global interests in cryptocurrencies appear to be skyrocketing tremendously.
A few months back, the crypto community welcomed the leading US-based financial service company, PayPal, into the world of cryptocurrencies as the payment giant came up with the development to add crypto trading to its services.
A trading volume Data from ItBit, an exchange platform that handles PayPal’s crypto transactions, reveals that the company’s transaction volume for cryptocurrencies has recently surpassed $125 Million in just a day.
Since PayPal’s partnership with ItBit in October 2020, the exchange has been experiencing significant growth in its trading volume than usual.
This proves that amongst the factors sponsoring a global recognition for cryptocurrencies is the increasing interests of more institutional investors in digital assets.
Therefore, the substantial trading volume impacted by PayPal has created the hopes that PayPal could play a significant role in pushing cryptocurrencies to reach mainstream adoption.
Future updates and development expected of PayPal and its partnering companies could pose a welcoming flood of new retail investors for the crypto community.
Expectations forsee Paypal to offer cryptocurrency services to its 26 million merchants in the coming months; existing users will then be able to hold Bitcoin via the platform easily.
The continuous spike in Bitcoin’s price suggests that PayPal would exceed its new all-time high of $125 Million daily crypto transactions in the not so distant future.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
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