PayPal Bitcoin rumor boosts BTC price rally chances
By: Date: July 7, 2020 Categories: Finance

It is a fact that in this age of technology, the virtual currency is dominating. With the help of Bitcoin, people can easily transact across the globe, and that is why more platforms have started accepting this digital currency. The name of PayPal in the world of transactions across the platform is much reputed, and recently it has started hiring engineers for the cryptocurrency domain.

The market speculation about PayPal offering a Bitcoin buying and selling option to its users has increased the BTC price last week. Even though there is no clear news about this collaboration, market participants are watching this crucial move by PayPal. One of the biggest sparks came from PayPal hiring blockchain experts for its research team. This sent out strong feelers that the company may be integrating Bitcoins or other cryptocurrency options to its services. As the company has a large database of customers, this is naturally bringing a lot of attention towards the BTC price in the market.

PayPal is looking to overcome blockchain threats

As a global platform, the policy of PayPal is much known as users can transact on this platform in any currency and from any platform. Since the beginning, PayPal has been a critic of the blockchain concept. However, it has faced many problems in recent years due to the increasing demand for bitcoins and other cryptocurrency offers. The consumers have opened up to digital currencies, and they are no longer interested in the plain services offered by PayPal. If the company does not make aggressive moves in this direction, there is a threat that it will be left out in the race. For this reason, PayPal is also planning to enter into the blockchain market to counter the competition.

Increasing demand for Bitcoins

Even though it started slowly, Bitcoins have been conquering the digital wallet space in recent years. Many people are now open to using such currencies for international as well as local transactions. It has brought a new set of customers into the market who were earlier not interested in such financial transactions. Also, the boom in BTC price in recent years has increased market participation in a huge way. Considering all these factors, big players like PayPal may also collaborate with Bitcoins in the near future.

Resistance level for BTC price

When it comes to BTC price, the current resistance is near the $9600 mark. However, many market participants feel that this can be easily broken considering the positive news it is getting from PayPal and other sources. If the resistance holds firmly for a longer duration, bears may make a killing as they are expected to create short positions at this level.

The expected target for BTC price

If the resistance of $9600 is crossed, the BTC price can climb up to $12000 within a short duration of time. The price is expected to reach the five-figure mark considering the rumors regarding PayPal floating in the market.

Future of PayPal after Bitcoin collaboration

If the rumors about PayPal and Bitcoins come true, the BTC price will be the biggest beneficiary in this deal. Even PayPal will benefit in the long run with its integration with Bitcoins. The company has been facing some hurdles about offering advanced services to its consumers. In this regard, they can make giant strides into the cryptocurrency market with this collaboration. The market for PayPal can expand further, and it can become a leader in blockchain service providers in future. However, these are mere speculations, and many factors may affect the collaboration in the long run.