- Rumors about Bitcoin coming to PayPal and Venmo influences Bitcoin
- PayPal is yet to confirm adding Bitcoin support
- Analysts and traders turn bullish, expecting Bitcoin to surge to $12k
Bitcoin News Today – The digital currency space is known to be a volatile space. While these digital assets are growing in popularity and adoption every day, their prices are still being controlled by several factors. Bullish news around a digital currency could push its price higher while the reverse might be the case if it were bearish news.
Recently, the rumors about Bitcoin (BTC) coming to PayPal has influenced the digital currency, with many investors having high expectations. Traders are starting to reassess the chances of a Bitcoin price rally due to the sudden suggestions that Bitcoin is coming to PayPal and Venmo.
Bitcoin (BTC) Price Today – BTC / USD
Rumors about BTC Coming to PayPal Raises the Hopes of Trader
The news about Bitcoin coming to Venmo and PayPal might just be a rumor. However, some of the best-known names in the digital currency space are starting to turn bullish. According to the news, PayPal – a payment processor firm – was purportedly planning digital currency buying and selling for its 305 million users. After the news came to the limelight, the price of Bitcoin (BTC) broke over the $9,600 hurdle point.
The firm has refused to confirm its plans yet. However, social media is flooded with a wave of optimism, with many welcoming the move while pointing out its irony. For Max Keiser – the host of RT – the move seemed tied to competitive advantage. The sister firm of Twitter – Square – rolled out BTC support last year, and it achieved great success. In a tweet, he said:
“#Bitcoin’s built-in game theory strikes again. PayPal, seeing $SQ making a killing with BTC, is forced to take on BTC or suffer huge competitive consequences”
The sense of satisfaction among BTC proponents may well be warranted. Over the past few years, the payment processor has made name for itself as a cryptocurrency critic, refusing to entertain the idea of supporting the digital currency. Also, technical issues and pitfalls of being a fiat intermediary mean that the firm has become a subliminal advertisement for the benefits of Bitcoin.
Traders Are Eyeing $12k BTC
The bullish news of Bitcoin coming to PayPal has made some analysts change their outlook on the price action of the digital currency. A break over the $9,600 hurdle point increases the chances of Bitcoin returning to the five figures range. Many analysts believe if this happens, the price of the digital currency will break over the $12k mark.
In a tweet, a crypto trader – George – said that the current price level provides the last chance saloon for bears wanting to short the digital currency. He said:
“If you’re a bear, this is where you short IMO. Swept the highs right into daily supply. Clean invalidation level.”