Crypto PayPal News Sends Asset To New All-Time High, But It’s Not Bitcoin

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:07 pm

3 mins read

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News breaking today that payments giant PayPal would be supporting cryptocurrencies sent the price of Bitcoin rocketing over $1,000 in a single day. But it was another asset that soared to a new all-time high on the news. Here’s how PayPal’s stock shares also benefitted from supporting the emerging asset class.

Bitcoin Blasts Over $1,000 In 24 Hours On Heels Of PayPal Support Announcement

Today was a monumental day for Bitcoin and cryptocurrencies. A company that was once vehemently opposed to the emerging asset class, even going as far as to block payments made to and from service providers associated with the financial technology, is now changing its tune.

PayPal, the payments giant, has revealed support for Bitcoin and other “virtual coins” according to a statement.

The company serves over 346 million users worldwide and will let these users spend cryptocurrencies at over 26 million merchants globally.

Bitcoin currently has roughly 187 million users, so the exposure to the mainstream userbase PayPal commands cannot be understated.

Bitcoin sets new 2020 peak following PayPal support news | Source: BTCUSD on TradingView.com

But It Is PYPL Stock Shares That Soar To New All-Time Highs On Crypto Callout

Markets responded in a major way to the breaking bullish Bitcoin news. The leading cryptocurrency by market cap soared over $1,000 in a single day, setting a new 2020 high.

As well as the cryptocurrency market itself performed on the reveal, it was PayPal that set a new all-time high today on the heels of word making rounds.

PayPal stock shares set new all-time high following crypto support news | Source: PYPL on TradingView.com

Comparing the two charts, PayPal and Bitcoin have followed a similar path in 2020, with a steep decline around Black Thursday that was followed by even stronger returns than what started the year.

Assets performing so well during a pandemic and economic recession is the result of the dollar weakening and its buying power falling.

The effects are amplified when the asset the dollar is paired with is performing extremely well. Bitcoin is a scarce asset that is suddenly being sought as a hedge against inflation. The association with the cryptocurrency alone was enough to give PayPal a shot in the arm as well.

But the news may not be all its cracked up to be. Industry analysts fear that because PayPal doesn’t allow users to move the assets to owned personal wallets, the controversy of “not your keys, not your Bitcoin” has muddied the positivity.

Still, it is a major step in the right direction, and these days, it doesn’t require much in the way of positive news, to send the cryptocurrency soaring another $1,000 or more. So even if this does turn into a non-event, the news itself could have been enough to give bulls the confidence to push prices to a higher high finally and confirm the new uptrend.

Featured Image From Deposit Photos, Chart from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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