PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln
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 -1.06% Bitcoin / USD BTCUSD $ 43,100.10
-$456.86-1.06% Volume 31.12 b Change -$456.86 Open $43,100.10 Circulating 18.83 m Market Cap 811.49 b 2 h Govt. Doesn't “Do Banking Well,” JPMorgan CEO says It’s All About Transparency, Rule Of Law, And Governance 8 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 2 d Senator Toomey Urges US Lawmakers to Adopt Crypto and Gain 'Huge' Advantage over China ETH -2.88% Ethereum / USD ETHUSD $ 2,995.99
-$86.28-2.88% Volume 19.37 b Change -$86.28 Open $2,995.99 Circulating 117.7 m Market Cap 352.63 b 8 h South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation 9 h DeFi Rallies on China Ban as Chinese Turn to Decentralized Projects, Crypto Prices Recover to Pre-ban Levels 1 d YFI Creator Andre Cronje Launches a Vampire Attack on Popular Ethereum NFT Marketplace OpenSea BCH -1.44% Bitcoin Cash / USD BCHUSD $ 500.32
-$7.20-1.44% Volume 5.53 b Change -$7.20 Open $500.32 Circulating 18.86 m Market Cap 9.43 b 5 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 5 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time LTC -2.22% Litecoin / USD LTCUSD $ 148.89
-$3.31-2.22% Volume 2.75 b Change -$3.31 Open $148.89 Circulating 66.75 m Market Cap 9.94 b 5 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 5 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End 1 w Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time
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.