PayPal hits largest Bitcoin transaction volume since BTC price plummeted in May

Bitcoin (Bitcoin) On Wednesday, the global payment service provider PayPal’s transaction volume reached 145.6 million U.S. dollars, just as the benchmark cryptocurrency rose Close to an all-time high of $67,000.

The latest surge in trading volume is the highest level since last year Bitcoin price plummeted on May 19 From approximately US$43,500 to as low as US$30,000. On that day, BTC worth approximately $304 million changed hands, almost twice the volume of transactions recorded on Wednesday.

Bitcoin PayPal transaction volume. Source:

Nevertheless, in both cases, it is unclear whether the transaction volume is due to increased purchases during the Bitcoin price increase or due to a sell-off near new highs.Whatever the reason, PayPal’s reading reflects Increased retail activity This Wednesday, the surge in Internet queries for the keyword “bitcoin” further proved this point.

Bitcoin interest on the Internet peaked on Wednesday.Source: Google Trends

The retail boom?

It is worth noting that PayPal allows users to start investing in Bitcoin with only one dollar. As a result, this payment service company has become a viable platform for retail investors, and the industry sees this move as a clue to the wider adoption of cryptocurrencies.

It’s interesting because PayPal enters the field of encryption, The total number of unique addresses holding at least $1 in BTC has surged from 26.83 million on November 20, 2020 to 33.89 million as of press time. At the same time, on Wednesday, the figure was 34.12 million, a record high.

A BTC address with a balance greater than $1. Source: CoinMetrics, Messari

Co-founder/CCO Alexander Vasiliev of the crypto payment service Mercuryo sees PayPal’s entry into the crypto industry as a sign Retail boomHe expects Bitcoin’s profits to end in the fourth and last quarters of 2021, as everyday traders are looking for a safety net to withstand rising inflation.

related: Bitcoin expands correction, because Ethereum sees “picture perfect rejection” at historical highs

Vasiliev told Cointelegraph that “increased buying pressure from PayPal users and its corresponding impact on Bitcoin prices may trigger a significant increase in the fourth quarter and the end of the year”, adding:

“The company has millions of customers, buying BTC in large quantities can effectively push Bitcoin to new highs […] ATH is US$67,000, and we may see a worse price of US$80,000 by the end of the year, with a best-case scenario of US$100,000. “

PayPal has approximately 392 million active users worldwide, but its Encryption service Only available in the U.S. and U.K. At the same time, the company also Focus on entering the field of decentralized finance (DeFi), Which marks an expansion outside of the Bitcoin realm.

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