PayPal’s Crypto Volume Hits A Record of $242 million

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PayPal, the Global Payments Provider doubled its previous crypto volume record for $242 million worth of digital assets. Nomics, the crypto market data aggregator’s yesterday’s reports dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Also, the daily volume of PayPal has increased by 950% from $22.8 since Jan 1, 2021. 

The spike in PayPal’s volume appeared amif Bitcoin’s rally into new all-time highs. Nuggets News’ Alex Saunders stated that this spike in PayPal’s volume is a sign of increased adoption of crypto among retail traders. 

While many people are praising PayPal’s involvement in crypto, there are others who are criticizing PayPal for creating a “gated” crypto community that does not support withdrawal functionality. One of the Twitter users Toomas Zobel also speculated the surge in volume as a result of capitulation: 

“Is there a way to view whether this was buy or sell volume? In this huge dump, it may just be retail sellers capitulating rather than creating buying pressure.”

The discussion pertaining to PayPal’s volume, whether it is bearish or bullish has come recently after Nexo CEO Antoni Trenchev predicted that Bitcoin’s drop in price was driven by retail investors rushing to gain profits. 

Paxos’ ItBit exchange can access PayPal’s crypto services. PayPal chose ItBit for handling crypto transactions after launching the digital asset trading services in October 2020. PayPal plans to offer crypto services to its 26 million merchants in the coming months. Hence, driving more demand for the company’s crypto services.

Also Read: UK Regulator Warns Cryptocurrency Investors Could ‘Lose All Their Money’, As BTC Price Drops