PayPal hits record trading volume amidst crypto market volatility
● PayPal exceeds its previous high with a record worth of $240 million in trading volume.
● Crypto market recovers after a downtrend.
● Tech stocks record further losses as investors await new regulations.
Reports by Nomics indicate PayPal reached a record-breaking high yesterday. About $242 million worth of digital assets moved through the centralized payment platform. The recent high comes immediately after a previous high of $129 million attained about a week ago. The recent upsurge in volume stems from investors bringing money in or out of the platform. However, the cause of the trend is yet to be clarified by the company.
PayPal volume surges along with Bitcoin holders buying the dip.
The recent recovery was triggered by huge Bitcoin holders taking advantage of the price plunge. Despite the previous market downtrend, Bitcoin holders with more than 1000 Bitcoins continued to grow. Tweets by Elias Simos indicates that these Whales persistently bought the dip. While these Bitcoin holders continue to expand their wallets quickly, small-time holders chose to cash out on the market.
State of various markets after PayPal volume surge
A change in trend in the crypto market began after PayPal volume reached new peaks. Currently, Bitcoin appears to be recovering with prices above $35,000. Crypto market capitalization has also regained its $1 trillion mark since its plunge to $900 billion hours ago. Top cryptocurrencies have begun a green run, with HEX and Stellar being the biggest winners.
Apple and Facebook record losses as tech investors await new regulations from the Democrat-led Senate. With censorship issues becoming a trending topic, investors are wary about investing in big tech companies. Along with Apple and Facebook, Twitter too faced declining stock prices since the decision to ban Donald Trump from its platform.