On Wednesday, May 19th, 2021, there was a new all-time high in bitcoin trading volumes on PayPal.
$300m #Bitcoin traded on PayPal last Wednesday. A new all-time high for the app! 🙌 pic.twitter.com/IZz70jWSYH — Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) May 29, 2021
In just one day, more than $300 million worth of Bitcoin was traded on the app. This was more than even that of January.
PayPal let people use its app to buy and sell cryptocurrencies only in November last year. But even though it was a success, the company’s revenues have increased, too.
When people want to buy bitcoins, they use PayPal. It is thought that this may have been the reason for the huge increase in prices at the end of November. After January, when people stopped buying bitcoins, it started to go down again.
The price for Bitcoin was going down from April. But then in the middle of April, it started to go up again and reached a peak on the day when Bitcoin went back up to $30,000.
This chart shows that people wanted bitcoin in winter. The spike on the 19th of May was caused by a lot of selling pressure.
Some people who use PayPal, which is an online service, are more likely to trade in cryptocurrencies. But the average person who uses PayPal is not an experienced trader and will make trades based on emotion.