Bitcoin (BTC) on PayPal and Venmo may be just a rumorBut some of the most popular cryptocurrency names are becoming bullish.
When the message arrives that the payment processor allegedly planned to buy and sell the cryptocurrency for its 305 million users, BTC / USD rose to a test resistance level of USD 9,600.
Keizer: PayPal will fuel the “global hash war”
Although PayPal refused to confirm its plans, A wave of optimism has flooded social networks. Several figures greet her to move and underline her irony at the same time.
“Slowly, then suddenly”, the Twitter account of @ Bitcoin.
For Max Keizer, the move seemed to be associated with a competitive advantage. Square, Twitter’s sister company, has successfully launched Bitcoin support last year.
“# The game theory built into Bitcoin strikes again. Paypal, which sees $ SQ making a fortune with BTC, is forced to introduce BTC or suffer tremendous competitive effects“” tweeted.
“The global hash war is coming!”
The feeling of satisfaction among Bitcoin supporters can be justified. PayPal has made a name for itself as a critic of cryptocurrency in recent yearsYes, to reject the idea of enduring it.
At the same time, Due to technical problems and pitfalls as a “Fiat” broker, PayPal has become a subliminal announcement of the benefits of Bitcoin. However, if the company offers Bitcoin, the same problems can plague new users.
As the programmer indicated Jameson Lopp, PayPal may expand its ability to freeze or isolate users and funds in cryptocurrency wallets it controls, without prior notice.. Another commentator argued that the implementation of Square was technically no different.
All eyes on Bitcoin’s $ 12,000
Meanwhile, The news has prompted analysts to change their prospects for Bitcoin’s price developments. A rise above $ 9,600 increases the likelihood that it will hit five digits again. At this point, a break to $ 12,000 is already a fixed option.
“I’m shorted because I think if we start to exceed 9.9k – 10k we will see 12k +“said popular dealer George on Twitter
Cointelegraph Markets analyst Michaël van de Poppe agrees. In a video update this week, he repeated his reasoning Bitcoin’s strength is a surge towards $ 12,000 when new levels of resistance are supported.
Current behavior is similar to the previous behavior of the bullish phase of Bitcoin in 2019he added.