PayPal Volumes Spike to $240 Million – Trustnodes

PayPal Volumes Spike to $240 Million

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PayPal bitcoin volumes, Jan 2021

Bitcoin volumes on PayPal have doubled to $240 million a day this Monday, an all time high for the platform which just recently launched bitcoin buying and selling.

Such volumes started off at $20 million in November, crossing $100 million in December, and now are nearing $250 million as the public starts investing in bitcoin once more.

The volatile currency has seen its first big correction since the bull run, dropping from $42,000 to now circa $34,000.

That has sent Coinbase’s volumes to $10 billion even as the crypto exchange experienced a glitch which prevented bitcoin buying, now fixed.

Stock traded products have also seen volumes jump, with CoinShare stating they passed $200 million a day last week.

The ETP provider had $2.8 billion under management on January 4th, with it increasing to $3.4 billion just four days later.

So indicating a growing interest in bitcoin and other cryptos with PayPal serving 340 million customers worldwide.

Some of them might just be discovering the ability to buy bitcoin through the platform, which does not allow withdrawals but does buy actual bitcoin custodied by itBit.

Those itBit volumes thus reflect what is going on at PayPal, with it seeing significant growth and in a very short time as Coinbase used to handle $200 million a day last year some eight years after it launched.

The already there PayPal customer base has allowed for a quicker introduction and adoption of bitcoin, with the platform expected to soon open bitcoin payments to its 26 million merchants.

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