Bitcoin is going for the skies again, after PayPal announced on Wednesday it will be integrating cryptocurrency.
The good news continued as the week progressed. America’s biggest bank JPMorgan released a report on Friday claiming Bitcoin is a better investment prospect than Gold, and Kanye West dropped Bitcoin bombs on the world’s biggest podcast — telling Joe Rogan that Bitcoiners “really have a perspective on what the true liberation of America and humanity will be.”
As the cryptocurrency market surged, Bitcoin cast off the shackles of its recent correlation with the S&P 500. This fulfills the prophecy of legendary investor Paul Tudor Jones, who called Bitcoin the “fastest horse in the race” back in May and appeared on CNBC on Thursday to reaffirm his commitment.
PayPal Embraces Bitcoin
Close to 500 million US citizens will be brought to the crypto table over the next few weeks as payment giant PayPal gradually rolls out functionality allowing users to buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Bitcoin, which had been steadily climbing before the announcement on Wednesday, treated the news like rocket fuel: The price jumped vertically as the news hit, and quickly broke resistance at $13K.
Yet while Bitcoin has made 12% gains over the last seven days, the leading cryptocurrency has fallen behind Litecoin, which soared over 21% on the news.
If the rally continues, the next stop could be the 2019 high of $13,900. Beyond this milestone, the price is almost hitting the open sky. As there is little trading history past this point, we could see heightened volatility as the cryptocurrency seeks to establish itself at this new elevation.
In case you’re interested in trading, make sure to check out eToro, a leader in the global Fintech revolution. It is the world’s leading social trading network, with millions of registered users and an array of innovative trading and investment tools.