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Daily Cryptocurrency Volume On PayPal Spikes High Above $240 Million

PayPal, the famous online payments giant, has seen a significant rise in its daily cryptocurrency trading volume recently, which skyrocketed to a record high. On the 11th of January, the 24-hour crypto trading volume of PayPal spiked high above the figure of $240 million. This spike has come as a result of the bullish activity of the world’s leading digital currency, Bitcoin (BTC).

PayPal Smashed $242 Million In Cryptocurrency Sales

Since the first day of the present year, PayPal’s cryptocurrency trading volume has been on a potential rise as the prices of the famous cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and some others reached new record levels during the beginning week of 2021. On the 1st of January, the trading volume of PayPal was standing at around $22.8 billion.

However, within the duration of the next five days, it surged high to reach the figure of $129 million on the 6th of January, which was the new all-time high value. Now, PayPal’s crypto trading volume does not hold this record anymore as it has been broken and replaced with the new one.

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A day ago, the daily digital currency trading volume on the platform of PayPal went parabolic and reached $242 million, which is now the new all-time high, as per the data provided by Nomics, a data aggregator for the cryptocurrency market.

Since January 1, the crypto trading volume of PayPal has skyrocketed high by more than 950 percent to the current new record value. It is an impressive growth witnessed by PayPal in its trading volume as it took place within the duration of just two weeks.

PayPal announced to enter into the cryptocurrency market back in the year 2020 when it said that it would add trading support for digital assets, including Bitcoin and some others. The move was taken in a bid to attract the attention of new users towards cryptocurrencies. Many people in the cryptocurrency community praised this step taken by PayPal as they viewed it crucial for driving new retail investors towards the crypto sector. However, the entrance of the payments giant into the digital currency market was also severely criticized by various people.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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