The Bicoin rally, which began this Monday, gained momentum after it became clear that Paypal was planning to offer direct crypto sales.
The report also mentioned that the platform seeks liquidity from several crypto exchanges such as BitStamp and Coinbase.
These claims certainly work in favor of the bulls in the short term. Many analysts see the launch of such a service by Paypal as a sign of the growing acceptance of Bitcoin.
” The news immediately expanded the potential crypto investment base with one idea, ” commented data aggregator Messari.
“Paypal has over 300 million users worldwide […] As Paul Tudor Jones said in a May letter, bull markets are built on an ever-expanding universe of buyers.”
Traders took advantage of the situation with Paypal to push the price of Bitcoin to $ 9,792.
On Tuesday, the flagship cryptocurrency erased a small portion of the profits, trading at over $ 9,600 at the time of writing. With its close above $ 9,600, it seems possible to see more profits at Bitcoin.
And yet, there is strong pressure from sellers in the $ 9,700- $ 10,000 zone.