Bitcoin shoots up to 12,900 US dollars: PayPal announces crypto offer

On Wednesday there are further increases, while reactions to Paypal’s plans are mixed.

Bitcoin (BTC) reached a peak of USD 12,865 on 21 October. This increase Bitcoin Hero is probably due to the news that PayPal wants to offer crypto currencies.
BTC price approaching 2019 highs

Data from Cointelegraph Markets, Coin360 and TradingView confirm the best day for Bitcoin in over a year. In 24 hours, Bitcoin was able to grow by over 7 per cent.

At the time of going to press, shortly after it rose to $12,400, the BTC/USD pair shot above $12,500 and failed to break through resistance just below $13,000.

Cointelegraph reported that PayPal intends to offer Bitcoin and the three Altcoins Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) from next year.

There are more and more reactions to this news and the mood is mixed. Some analysts criticise the company for not giving potential investors the freedom that standard crypto-wallets offer.

PayPal wants to offer de facto crypto custody services. However, there will be restrictions on the deposit and withdrawal of funds from its products.

„So this is all one big PayPal burger with nothing on it, just entries in a central PayPal database. Nothing that has anything to do with Bitcoin,“ quantum analyst PlanB commented on the news.

Nevertheless, the impact on market sentiment was immediately noticeable after Reuters reported on it. Litecoin recorded the largest increase among the old coins, with a rise of 11.1 percent to 52.30 US dollars.