Paypal’s cryptocurrency transaction trading volume just hit a new all-time high of a whopping $242 million. Interestingly, this coincided with Bitcoin’s short-lived but biggest dip of the year so far all the way to $30.5K in a weekend dump. As noted by many industry experts, the dip was crucial and healthy which strengthened the said level as a crucial support threshold for the crypto-asset’s price in the coming days.
PayPal’s Record-breaking Numbers Imply Retail Adoption?
The payment giant’s surge to the record level essentially signaled the arrival of the retail players in the market who were left out in the bull run that was mainly led by the institutional investors.
The latest plunge thus gave the retail investors yet another chance to stack Bitcoins who rushed PayPal to join the bandwagon. According to the stats, Bitcoin continued to remain the leader, whereas Ethereum followed suit and was the second choice by retail.
A similar sentiment was noted by the popular crypto trader, Alex Saunders who tweeted,
“Retail has arrived. PayPal cleared $242M in crypto sales yesterday. That’s nearly double the previous record.”
The figure was accessed through Paxos’ itBit exchange which PayPal uses to source liquidity. PayPal selected the platform to handle its crypto transactions upon launching digital asset trading services back in October 2020.
Thanks to the ongoing bull run, the crypto business has been booming to levels not seen in a long time. Prior to the current volume, the previous high for the exchange was found to be at $128 million volume on the 6th of January.
PayPal announced the launch of crypto service last year after witnessing the demand for the sector heating up among the traditional finance circles. It is important to note that this development was seen as an important event for the ecosystem which woke Bitcoin, and the cryptocurrency market by extension, from a deep slumber of price inaction.
Several well-known proponent had gone on to remark that the phase potentially bolstered the first stage of the 2020 bull run. The American fintech player’s crypto business had recently noted that it would further plan to let customers leverage cryptocurrencies to pay for items from its network of a massive 26 million retailers.