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Bitcoin price surpasses $ 13,000 after PayPal entered the crypto room

October 22, 2020

Bitcoin (BTC) surged above $ 13,000 for the first time since July, and this is the third time since the highest bull run ever in late 2017.

The move follows the long-lasting phase of five-digit price movements. BTC has spent almost all of the past 12 weeks trading over $ 10,000.

BTC / USD weekly chart. Source: BitcoinWisdom

The rally was triggered by news that the giant Global Payments PayPal accepts payments in Bitcoin, Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Bitcoin price surpasses $ 13,000 after PayPal entered the crypto room
Bitcoin price surpasses $ 13,000 after PayPal entered the crypto room

The founder of the quantum economy, Mati Greenspan, He said the move was driven almost entirely by PayPal.

“I have no doubt that this news is almost entirely responsible for today’s expanded earnings.”

BTC is up 10% in the past 24 hours while ETH is up 8%, BCH 9% and LTC is up more than 15% today.

While Ethereum rebounded along with Bitcoin, ETH has not been able to maintain its strength against Bitcoin since it hit $ 400 in August amid the boom in decentralized finance. Ether is currently testing the resistance at $ 400.

In response to the PayPal messages Alex Mashinsky, the CEO of Celsius, One cryptocurrency lending platform said:

“This is definitely a bullish signal for Bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a very high level of trust among its users […] If the service’s UI design is done correctly, it will add millions of new users every month. “