Bitcoin surpassed $59,000 yesterday after PayPal confirmed that it had formally launched cryptocurrency payments. According to Reuters’ report, Paypal will introduce its long-awaited cryptocurrency payment feature to customers in the United States.
The company caused a stir last year when it confirmed its crypto venture.
According to Dan Schulman, President and CEO of PayPal, this is the first time that one can seamlessly use cryptocurrency the same way as a credit card or debit card inside a PayPal wallet.
While PayPal will not focus solely on Bitcoin, BTC’s price action react favorably to the reports. It was surpassed the February all-time high of $58,300 to reach $59,000.
Apart from Bitcoin, crypto market is also growing
Apart from Bitcoin exceeding $59,000, main altcoins also have increased and recorded notable gains yesterday.
These include Ethereum (ETH), Binance Coin (BNB), Ripple’s XRP, Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Crypto.com (CRO), Solana (SOL), AAVE, IOTA (MIOTA), and others.
PayPal will begin allowing US customers to pay in Bitcoin
As we mentioned before, online payments giant PayPal will begin accepting cryptocurrencies as a medium of exchange.
The new system is likely to feature a crypto payment service where users can pay for approved providers’ goods and services using their stored currencies. The system will reportedly see merchants receive matching funds directly in fiat currency.
The payment service is likely to be available for all four cryptocurrencies supported by PayPal. These will include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Customers paying with cryptocurrencies will not have to pay transaction fees on purchases. Customers can only use one currency per purchase.
BTC market cap surpassed Canada’s M1 money supply
BTC market capitalization exceeded Canada’s M1 money supply, which stands at $ 1,104 trillion. At the current figure, the market capitalization of Bitcoin is also greater than the M1 money supply of the Australian dollar. It currently stands at $1,079 trillion.
Outperforming Australia and Canada, Bitcoin’s market capitalization is once again large enough to make BTC appear in the top 10 rankings for limited money stocks.
M1, or limited money, refers to the total supply of physical currency in circulation. It also applies to traveler’s checks and other forms of demand deposits held by non-banking institutions, public companies, and private sector organizations.