The mainstream adoption of Bitcoin and crypto has been the main goal of the crypto space.
There have been a lot of moves made in this direction, and there’s definitely more to go.
Just the other day, we were reporting that PayPal triggered a boost in the crypto space.
Last month, the crypto space exploded when PayPal announced via a press release that they are launching a new service that’s enabling users to buy, hold and sell crypto.
Now, the press release was updated: “We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal. Download the PayPal app or log in to your account to learn more.”
At the moment of writing this article, the crypto market looks a bit bloody with Bitcoin dropping below $16k.
More analysts have been saying that we should expect a healthy correction following the latest price rallies.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $15,847.29.
Bitcoin’s recent rally is triggered by the biggest spike in BTC purchases
It’s been just revealed that a popular fundamental crypto analyst said that Bitcoin’s recent rally is triggered by the biggest spike in BTC purchases in years.
Willy Woo, a former partner at Adaptive Capital, posted on Twitter that smart money is now investing in BTC.
Who has been buying this rally? It's smart money… High Net Worth Individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too.
Bitcoin is still in it's stealth phase of its bull run. pic.twitter.com/3q41pmNVP9
— Willy Woo (@woonomic) November 9, 2020
He also said: “Best of all we are not just seeing smart money flow in, it’s NEW smart money. Orange line is the rate of new investors coming in per hour previously unseen before on the blockchain. It’s seriously bullish.”
Woo said that he remains bullish in the long-term.
“This price move was entirely organic, powered by significant buyer demand rather than the usual trader is driven action on derivative exchanges. I have not seen an organic pump at this scale in years…” he said.
He continued and explained: “The spike in coin buying should not be underestimated, it’s the largest spike in the 5-year chart below. Overall, BTC remains bullish; however, the price needs to settle.”