Wednesday saw further rises after conflicting reactions to PayPal’s decision, which in 2021 will support four cryptocurrencies
On October 21, Bitcoin (BTC) peaked at $12,865 after news on PayPal that the payments company will support cryptocurrency continued to push the markets.
Daily overview of crypto markets
BTC’s price approaches 2019 highs
Cointelegraph Markets, Coin360 and TradingView data confirmed Bitcoin’s best day for over a year, with gains of 7% in 24 hours.
At the time of writing, a few hours after arriving at $12,400, BTC/USD exceeded $12,500 to meet resistance just under $13,000.
BTC/USD time chart
BTC/USD time chart. Source: TradingView
As reported by Cointelegraph, starting next year PayPal plans to support Bitcoin and three altcoins: Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Reactions continue to emerge, showing heterogeneous feelings in the crypto sector. Some analysts criticise the company for not giving potential investors the freedoms associated with normal crypto wallets.
PayPal aims to provide crypto-currency custody services, but will impose limits on how funds can move to and from its products.
„So, this news about PayPal is all hot air, just entries in a central PayPal database, nothing to do with Bitcoin,“ replied the PlanB analyst.
Anyway, the impact on market sentiment became apparent immediately after Reuters broke the news, with Litecoin leading the altcoin in terms of rises, earning 11.1% to $52.30.