Bitcoin Breaches $9,700 Due To PayPal Offering Crypto Rumors

June 23, 2020 3:50 PM UTC

PayPal, the most popular online payment service in the world is reported to be working on the integration of crypto to the platform. The platform was already working with major cryptocurrency firms like Coinbase since 2014.

According to Ian Allison report, PayPal and Venmo are shaping the plans to propose crypto service to users. However, market sources haven’t disclosed which cryptos will be supported. It seems the firm “would be working with multiple exchanges to source liquidity.” 

An industry source told CoinDesk:

My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo. They are going to have some sort of a built-in wallet functionality so you can store it there.

Speculations About PayPal Integrating Crypto Prompted A Quick Market Recovery

PayPal has not published an official statement on the rumors yet but according to Coindesk, the news are confirmed by three different sources.

After trading sideways for the past week, Bitcoin had a 4% price surge on June 22 right after the rumors, blasting through all the previous daily resistances and eying up $10,000 yet again.

Will Bitcoin finally crack $10,000 or will it get rejected once more?

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