Bitcoin (BTC) gained nearly 5% on Oct. 21 as bullish price action combined with new company adoption news boosted profits.
Daily performance review of Coin360’s cryptocurrency market
PayPal increases the BTC price to $ 12,400
Data from Cointelegraph Markets and Coin360 showed a strong 24 hours for bulls on Wednesday, with BTC / USD trading at $ 12,400.
At press time, the spotlight was on $ 12,300, about an hour after Reuters reported that payment giant PayPal plans to support Bitcoin and other cryptocurrencies through its wallet and Venmo app from 2021.
BTC / USD daily price chart. Source: trade view
The announcement added to an already buoyant BTC trading environment, with USD 12,000 resistance vanishing overnight on Tuesday.
Weekly gains are 8.5% for Bitcoin, which is increasingly different from other macro assets that performed poorly over the same period.
Previously, Cointelegraph released a list of factors that one analyst believes will all support the bull case for Bitcoin going forward.
PayPal should also support Altcoins Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). According to the news, ETH / USD rose a modest 2.2% to $ 378 while BCH / USD rose 4.5% to $ 456.