Following the recent decline in the price of Bitcoin, the crypto market is gradually rebounding, leading to a new all-time high on PayPal’s Bitcoin transactions. According to a chart posted by crypto-journalist Alex Saunders, crypto transactions climbed a new high on the 11th of January.
In a tweet, Saunders revealed:
“Retail has arrived. PayPal cleared $242M in crypto sales yesterday. That’s nearly double the previous record.”
About a week ago, crypto trading on PayPal reached its previous high of $129 million as Bitcoin attained its peak of $42,000. In 2020, Bitcoin spiked and recorded several new highs.
Possibly, one of the factors behind the surge in Bitcoin’s price is PayPal’s decision to allow crypto payments on its platform. In a few months of offering crypto services, the platform has pulled in additional customers who use its crypto services. Following Paypal’s announcement of crypto services, Bitcoin jumped 5% past $12,400 and has hit new all-time highs.
Despite recent increases, the price of Bitcoin dipped over the past few days, causing a significant loss in the crypto market. Between the 10th and 11th of January, the crypto market lost about $170 billion as Bitcoin declined along with other altcoins.
At press time, however, the price of Bitcoin is up 13.45% to $35,021.57.
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