Following the recent decline in the price of Bitcoin, the crypto market is gradually rebounding, leading to a new all-time high on PayPal’s Bitcoin transactions. According to a chart posted by crypto-journalist Alex Saunders, crypto transactions climbed a new high on the 11th of January.
In a tweet, Saunders revealed:
“Retail has arrived. PayPal cleared $242M in crypto sales yesterday. That’s nearly double the previous record.”
About a week ago, crypto trading on PayPal reached its previous high of $129 million as Bitcoin attained its peak of $42,000. In 2020, Bitcoin generated significant increases and recorded several new highs.
Possibly, one of the factors behind the surge in Bitcoin’s price is PayPal’s decision to allow crypto payments on its platform. In a few months of offering crypto services, the platform has pulled in additional customers who use its crypto services. Following Paypal’s announcement of crypto services, Bitcoin jumped 5% past $12,400 and has hit new all-time highs.
Despite recent increases, the price of Bitcoin dipped over the past few days, causing a significant loss in the crypto market. Between the 10th and 11th of January, the crypto market lost about $170 billion as Bitcoin declined along with other altcoins.
At press time, however, the price of Bitcoin is up 13.45% to $35,021.57.
Image Credits: Pixabay
