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A global payment provider, PayPal has currently recorded a massive surge in its crypto trading volume. According to the reports, it has doubled from its previous all-time high and has reached $242 million. Following the analysis, the daily volume has increased by 950%. Analysts state that the retail traders are displaying great interest in PayPal as it is getting involved in the crypto market. Few analysts state that this development in trading volume is due to its reputation among retail traders. Alex Saunders of Nuggets News has stated that this development results from an increase in retail traders’ adoption.
The world’s prominent online payment processor, PayPal, declared last year to provide crypto trading on its platform. The community queried how long will it take to venture into crypto markets and possibly impact them. After all, PayPal has a user base worth 300 million. The trading surge on PayPal reflects the recovery run of Bitcoin, which has witnessed big holders purchasing the coin out of the dip.
PayPal’s Crypto services are available via ItBit exchange.
Nevertheless, few consider that PayPal has designed a gated community for its crypto users. This is because it does not give the withdrawal function to them, which is not suitable for various consumers. In the coming months, PayPal will be providing crypto services to approximately 26 million of its merchants. Its crypto services are available via the ItBit exchange.
It’s worth seeing that the payment processor doesn’t enable users to withdraw the crypto assets to third party wallets or utilize them in merchant transactions yet. Given that PayPal is mostly a retail-oriented platform, it’s reasonably safe to conclude that institutions didn’t contribute to the recent spike in the trading volume. By this, the firm hopes that the market for their crypto services will increase significantly. Recently, a lot has been going about in the crypto market with Bitcoin’s recent crash. Consequently, the analysis are under progress if PayPal’s volume surge should be deemed bearish or bullish for the market.
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