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 -3.90% Bitcoin / USD BTCUSD $ 35,887.60
-$1,399.62-3.90% Volume 39.6 b Change -$1,399.62 Open $35,887.60 Circulating 18.73 m Market Cap 672.29 b 5 h Bitcoin Taproot Upgrade Officially Locked in For November Activation 5 h Cryptocurrency Mining Bill Dies Down After New York Union 'Opposes' 6 h Senator Ted Cruz: Investors Attracted to “Bitcoin as a Hedge” Against Inflation Due To Biden’s $7T Spending ETH 0.58% Ethereum / USD ETHUSD $ 2,416.62
$14.020.58% Volume 26.73 b Change $14.02 Open $2,416.62 Circulating 116.26 m Market Cap 280.97 b 7 h The May Crypto Sell-off Predominantly Occurred in the US Session 1 d Best Cryptocurrencies with Growth Potential to Buy In June 1 d Polygon And 0x Team Up to Devote $10.5 Million Into Attracting New Users & Developers BCH -0.53% Bitcoin Cash / USD BCHUSD $ 585.06
-$3.10-0.53% Volume 1.82 b Change -$3.10 Open $585.06 Circulating 18.76 m Market Cap 10.98 b 3 d PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln 3 d Aggrieved Coinbase Customers Locked Out of their Accounts Drag Exchange To Court 4 d NHL Team, San Jose Sharks, to Accept BTC, ETH, DOGE, And Alts Next Season LTC -0.88% Litecoin / USD LTCUSD $ 163.30
-$1.44-0.88% Volume 2.31 b Change -$1.44 Open $163.30 Circulating 66.75 m Market Cap 10.9 b 3 d Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains 3 d PayPal Crypto Volume Trending Back Up After the Record Daily Volume of Over $300 Mln 1 w DOGE Gets Listed on Coinbase Pro; Dogecoin Developer Activity on the Network Sees an Uptick
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.