As reported in the Wall Street trade data analysis done by TradingView, on 21st October 2020, PayPal touched an all-time high of $215.87, a few dollars higher than the record all-time high of $212.38 it had attained on 2nd September 2020.
PayPal revealed that it would include cryptocurrency assets in its digital wallet and allow the buy, hold, and sell of cryptos. After the company’s announcement, the prices began rising and reached a new high. The payment giant plans to include Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC) in its platform in 2021.
The trading day on Wall Street opened at $206.20 for PayPal (PYPL). The stock price climbed up and reached an all-time high of $215.87, just crossing the level by $0.14. Earlier, the asset’s stock value fell, then rose steadily, and finally settled to a value of over $215.
On the other side, Bitcoin has also touched $12900, getting leverage from this development. After a long time, Bitcoin prices experienced a jump of $1000 in a day. The price dropped again to $12750, but many Bitcoin holders had already booked their profits by this time.
For now, Paypal account holders will not be able to transfer their earlier cryptocurrency assets off to PayPal. Initially, PayPal will only allow the users to hold the cryptocurrencies bought using their services. Also, moving digital currencies to other PayPal accounts will not be possible.
PlanB, recognized around the digital currency market for his successful stock-to-flow model, noted that the rise in Bitcoin’s price. He predicted that Bitcoin’s price might cross $100,0000 in reaction to the new development. Also, as PayPal allows you to access the cryptocurrency added to your account to make other payments, it can increase the crypto prices. Investors of stocks and cryptos were delighted to see PayPal’s turn towards the cryptocurrency market and the bull run that followed. The market sentiments for PayPal and Bitcoin are very positive.