The price of Bitcoin (BTC) jumped 5% to $12,400 on the 21st of October following PayPal’s announcement to support Bitcoin through a new crypto payment service. Currently, BTC is trading at $12,673. The current trading price is a 7.06% gain over its previous close of $11,916.34.
Over time, Bitcoin has been growing strong in the cryptocurrency market. Recently, Cointelegraph published a list of factors that could enhance the continuous rise of Bitcoin. As stated in the report, a Bitcoin trader, Cole Garner, highlighted seven bullish reasons for the BTC price.
PayPal’s entry into the cryptocurrency market was revealed in an announcement on the same day BTC gained 5%. In the announcement, PayPal declared its support for Bitcoin as it revealed the platform will allow crypto payments.
Now, PayPal users can purchase goods from millions of merchants using Bitcoin. The payments can be carried out through the PayPal wallet and Venmo app starting from early 2021.
Apart from Bitcoin, PayPal also supports altcoins, including Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Similarly, the price of ETH and BCH also jumped in reaction to PayPal’s announcement. ETH added 2.2% to $378 and currently trading at $388.22. Ethereum has surged 4.89% over the last 24 hours.
Also, BCH gained 4.5% to $456 following the PayPal announcement.
Image Credits: Pixabay
