The upward trend for Bitcoin and Ethereum continues as PayPal expands its cryptocurrency services in the U.K.
The digital money called cryptocurrency has recently gained traction through PayPal's services, further establishing its markets. To emphasize, cryptocurrency was previously rejected since it is a highly unstable market for cash. Many large finance companies were skeptical of its potential and usability.
However, big changes has happened in these last few months.
Bitcoin and Ethereum Price Prediction
The world's largest digital currency, Bitcoin, recently showcased a lot of potential. In mid-April, Bitcoin spiked to $65,000 trading levels. However, events like the China cryptocurrency crackdown dropped its values to $30,000. After the sudden drop, Bitcoin has worked to steadily recover its place in the market.
At the time of writing, Bitcoin has a trading price of $50,165.98 with a 1.82 percent upward trend in the last 24 hours, according to CoinDesk. This is a big rebound after a few months of poor trading values, which brought back hope for the crypto coin's future.
The second-largest cryptocurrency, Ethereum, also shared the same experience. After the May spike that rated it to $4,100, it underwent a huge drop to $1,800 in value before slowly recovering to $3,327.42--with a 1.81 percent upward trend in the last 24 hours.
To highlight, global cryptocurrency adaptation rose significantly in the past year. Chainanalysis estimated a growth rate of 881 percent compared to last year. Data from CoinGecko.com also said that the global cryptocurrency market cap was $2.16 trillion on Sunday, with a trading volume of $109 billion.
In highlight, many financial insitutions were forced to reconsider adapting to the growing community of cryptocurrency. One of these companies happened to be PayPal.
PayPal Lets Customers Buy, Hold, and Sell Cryptocurrency
Since last year, PayPal has opened up services for cryptocurrency exchanges. The company would let its customers buy, hold, sell and trade crypto coins using their accounts. For now, users cannot move their crypto holding outside their accounts.
PayPal is launching international expansion, with their cryptocurrency services extending from U.S. areas to include U.K. citizens. According to Cnbc, the PayPal general manager for blockchain, crypto, and digital currencies Jose Fernandez da Ponte said: "It has been doing really well in the U.S. [So,] we expect it's going to do well in the U.K."
He also added that: "The tokens and coins have been around for a while but you had to be a relatively sophisticated user to be able to access that. Having that on a platform like ours makes a really good entry point."
In highlight, PayPal is promoting cryptocurrency usage in its systems.
Details for the feature itself are small. However, PayPal said old and new crypto investors can link their PayPal for their crypto transactions. PayPal also added a feature that lets users track crypto prices in real-time. PayPal is relying on Paxos to enable the buying and selling of cryptocurrencies in the U.K.
This recent development should be a huge boost for cryptocurrency traders and crypto coin value!
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