PayPal Reports Drive Bitcoin Up as On-Chain Transactions Increase

Paypal-Bitcoin

Bitcoin went up over four percent yesterday, possibly thanks to PayPal being rumored to be getting into the crypto-game.

Green numbers were seen on bitcoin and altcoins because of this unverified news about the transfer giant enabling purchasing and selling cryptos on their platform.

The company that conducts analysis, Glassnode, also talked about the news and shared the correlation of the price movement of BTC in the last 24h.

As of Tuesday, the price was up almost 2 percent, to trade at 9.611 USD, after peaking at 9.780 last night.

Bitcoin pricing, seven-day chart

The reports began to circulate in the crypto-space following many unnamed sources reporting that PayPal plans to directly purchase and sell cryptos from both PayPal and Venmo.

The rumors heated up since PayPal has already agreed to set up a study group on blockchain, opening up novel positions in the States and abroad, as well as an independent Crypto Tech Team based in India.

According to a job post for an engineering role found online, PayPal’s Indian crypto-development department is responsible for innovative projects for PayPal global with an emphasis on mobility, time to market, and creativity.

But, there is also confusion regarding what this really means regarding the firm’s crypto-operations.

Already known to be fairly crypto-friendly, they may be used to withdraw funds from some crypto exchanges.

The stance of PayPal varies from the more conservative approach adopted by rival TransferWise, which rendered it difficult to use their offering to transfer funds to and from cryptocurrency exchanges. “But with bank info from a network dealing with Bitcoin or another crypto-currency, you can transfer money to your accounts.

Despite this friendlier stance by PayPal, the company has not endorsed any formal contact with cryptocurrencies until now.