Payments giant PayPal has set another record with its cryptocurrency transactions on Monday as $242 million in the digital currency changed hands, according to data from Nomics.
The latest record in daily volume broke the previously set record of $129 million a week earlier. Monday’s surge in volumes happened as Bitcoin prices saw a heavy correction of around 20 percent from the recently achieved peak.
However, it is not clear if the volumes were due to the increase in purchases during the dip, or traders were selling their holdings in a panic with the fall of prices. Whatever may be the reason, the crypto markets recovered following the news of the surged PayPal volumes.
Retail has arrived. @PayPal cleared $242M in crypto sales yesterday. That’s nearly double the previous record. ✅ #Bitcoin #Ethereum #BullMarket pic.twitter.com/dnoPlADhla
— Alex Saunders (@AlexSaundersAU) January 12, 2021
Meanwhile, PayPal is investing in cryptocurrency startups and recently gained a stake in crypto tax automation startup Taxbit.