2021-6-9 17:54 |
PayPal had yet another record daily volume of just over $300 million in cryptocurrencies. The day PayPal users were so much interested in trading cryptos was May 19, the day the price of Bitcoin crashed to $30k and even lower on some exchanges.
The previous one-day record was on January 11 at $239.52 million; the day BTC price lost $10k of its value.
Ever since the highest daily volume recorded in May, it has been going down on PayPal. Volume only started seeing an uptick this week after falling to just about $8 million on June 6th, a level last seen in October when PayPal first announced the option to buy, sell, and hold crypto, and volume was beginning to trend up.
PayPal’s custodian of crypto funds, itBit, is now trading well above $50 million in volume, as per Nomics. Cryptocurrency exchange itBit is owned by Paxos, which provides liquidity to the payments giant.
Back in April, Deutsche Bank estimated in a note to its clients that PayPal’s crypto trading volume will reach $20 billion this year.
As of yet, PayPal, which has more than 3.5 million users around the world, has a very limited number of cryptos viz. Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) available for trading.
BTC 13.29%
Bitcoin / USD
BTCUSD
$ 36,341.08
$4,829.73
13.29%
Volume 52.63 b
Change $4,829.73
Open $36,341.08
Circulating 18.73 m
Market Cap 680.71 b
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ETH 6.96%
Ethereum / USD
ETHUSD
$ 2,578.75
$179.48
6.96%
Volume 37.06 b
Change $179.48
Open $2,578.75
Circulating 116.22 m
Market Cap 299.71 b
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BCH 8.41%
Bitcoin Cash / USD
BCHUSD
$ 624.53
$52.52
8.41%
Volume 2.53 b
Change $52.52
Open $624.53
Circulating 18.76 m
Market Cap 11.72 b
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LTC 9.31%
Litecoin / USD
LTCUSD
$ 169.16
$15.75
9.31%
Volume 3.28 b
Change $15.75
Open $169.16
Circulating 66.75 m
Market Cap 11.29 b
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The payments platform enables users to invest as little as $1 in crypto using their existing accounts. It takes a percentage cut each time fiat is exchanged for crypto-assets and vice versa. The fees can be really steep, as high as 2.3% for transactions below $100 and 1.50% above $1,000.
PayPal, however, doesn't let users transfer their cryptos to other platforms. The company's head of blockchain and cryptocurrency at PayPal, Jose Fernandez da Ponte recently announced that they are working on offering the option to transfer cryptos off the platform.
The post PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over 0 Mln first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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