Bitcoin crosses yet another price barrier and goes over US$ 13,000. PayPal’s integration of Bitcoin helped Bitcoin to gain further increases and helps the company’s stocks to fetch more value. The inflation rise in Turkey sends a surge in Bitcoin investors within the country.
So far the month of October has been a phenomenal month throughout this year for Bitcoin. In October alone, the legendary cryptocurrency crossed 5 price barriers and is currently being traded over a price of US$13,000. The data suggests that BTC’s price gain in October has risen to at least 13 percent.
But crossing the US$13,000 barrier required support from PayPal – a worldwide popular company involved in handling funds electronically.
Very recently, PayPal had announced that it will soon induct Bitcoin and other cryptocurrencies into its mainstream system. The company’s CEO, Daniel Schulman indicated that PayPal will provide its own digital wallet very soon. He said that PayPal will be used by crypto possessors for selling, buying, and storing their crypto assets.
When the announcement made its way into the mainstream news, it allowed Bitcoin to gain an additional rise. Similarly, the induction of Bitcoin into PayPal also helped it to gain a high in the value of its stocks.
But many technicians are now questioning whether this Bitcoin’s bullish rally would ever end. Many of the traders view that bullish indicators don’t last long enough. It requires support from various other factors from time to time to survive and continue. If Bitcoin’s upward rally remains aided by events that can cause Bullish then this rally will continue, explained the traders.
As per the latest crypto market reports, apart from Bitcoin, other cryptocurrencies are also doing just fine. For instance, Monero has also got a 14% high in its value, and since September has arisen to 41%.
Similarly, the Turkish crypto market is nowadays having a blast in Bitcoin trading. Due to the growing inflation rate within the country throughout 2020, the Turkish Lira lost its value against the US Dollar. But the Turkish crypto industry is flourishing.
Paxpal, which is a Turkish crypto exchange, told that a 274% increase in the registration has been recorded over the past 12 months.
The current status of Bitcoin suggests that it is dominating the entire crypto world.