PayPal Opens Its Doors to Crypto.

November 13, 2020

Paypal Goes Crypto

by Bog& Giulvezan

As of November 12, 2020, PayPal's news section reads: "We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy in, hold and sell cryptocurrency directly with PayPal."

According to the unvarying press unfreeze, the waitlist for clients looking at to utilization crypto is nowadays gone and the limit is set at $20,000 per week; this limit was primitively announced to be $10,000. Starting in former 2021, PayPal plans to allow clients to use their crypto assets to pay at PayPal's 26 million merchants around the world.

PayPal's CEO, & Schulman noted that "The geological fault to digital forms of currencies is necessary, brpinging with it clear advantages in terms of commercial enterprise inclusion body and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly."

The initial proclamation to integrate cryptocurrencies on the platform was ready-made three weeks ago and information technology led to a Bitcoin price surge, thence it's very credible to see another Price bump forthwith that the service is unrecorded.

Currently, PayPal only if offers the possibility to bargain, hold, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, but according to their press release, the programme is to add more cryptocurrencies as shortly as assertable. And to make believe things fully willing with current laws, PayPal applied for and was granted a conditional Bitlicense by the Greater New York Express Department of Commercial enterprise Services (NYDFS), an entity which is famous to be hawkish when IT comes to crypto espousal.

Chart Analysis – BTC/USD

At the time of writing, Bitcoin is trading at 16,340 against the US Dollar, with a optimistic bias and 4.91% gains during the last 7 days, accor&t to CoinMarketCap. The pair recently surpassed the rattling important resistance level located at $15,000 and has since returned to test the raze (it moved below it then came cover above it), thus efficaciously turning it into support.

The MACD is pointing upwards, which shows bullish impulse, but it's trading at precise high levels, which indicates that the circulating actuate is prostrate to pullbacks. Adding to this idea is the overbought position of the Relation Strength Index, which has been trading above its 70 level since the 20^th of Oct (visible on the Daily chart below).

All this tells a cautionary tale: on the one hand, we have a precise optimistic looking at graph, with higher highs and higher lows (typical for an uptrend) but then again, the indicators are telling us that price is overextended, thus likely to trace glower Beaver State to enter a ranging phase. Considering this, the main direction remains astir for the moment, but all big round numbers pool above current levels (i.e. 16,500, 17,000, etc.) may trigger a temporary move back in the south.