Bitcoin soars to $12.9K as PayPal proves crypto is ready for everyone
Further gains in Wednesday trading come as mixed reactions flow in over PayPal’s decision to support four cryptocurrencies in 2021.
Bitcoin (BTC) hit highs of $12,865 during trading on Oct. 21 as news that PayPal would support cryptocurrency continued to boost markets.
Cryptocurrency daily market overview. Source: Coin360
BTC price closes in on 2019 highs
Data from Cointelegraph Markets, Coin360 and TradingView confirmed Bitcoin’s best day in over a year as 24-hour gains topped 7%.
At press time, hours after rising to $12,400, BTC/USD crossed $12,500 to only see resistance at just below $13,000.
BTC/USD 1-hour price chart. Source: TradingView
As Cointelegraph reported, PayPal plans to support Bitcoin and three altcoins — Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from next year.
Reactions continue to surface and are mixed in mood, with some analysts criticizing the company for not giving prospective investors the freedoms associated with standard cryptocurrency wallets.
PayPal aims to provide de facto cryptocurrency custody services, but will place restrictions on how funds can enter and leave its products.
“So, this is all a big PayPal nothing burger, just entries in a central PayPal database, nothing to do with Bitcoin,” quant analyst PlanB countered.
Nonetheless, the impact on market sentiment was immediately apparent after Reuters broke the news, Litecoin leading the altcoin gains with an 11.1% advance to $52.30.
