Bitcoin (BTC) hit highs of $12,865 during trading on Oct. 21 as news that PayPal would support cryptocurrency continued to boost markets.
Cryptocurrency daily market overview. Source: Coin360
BTC price closes in on 2019 highs
At press time, hours after rising to $12,400, BTC/USD crossed $12,500 to only see resistance at just below $13,000.
BTC/USD 1-hour price chart. Source: TradingView
Reactions continue to surface and are mixed in mood, with some analysts criticizing the company for not giving prospective investors the freedoms associated with standard cryptocurrency wallets.
PayPal aims to provide de facto cryptocurrency custody services, but will place restrictions on how funds can enter and leave its products.
“So, this is all a big PayPal nothing burger, just entries in a central PayPal database, nothing to do with Bitcoin,” quant analyst PlanB countered.
Nonetheless, the impact on market sentiment was immediately apparent after Reuters broke the news, Litecoin leading the altcoin gains with an 11.1% advance to $52.30.