TL;DR Breakdown
- PayPal records new high for daily trading volume
- The crypto industry has been on the path of recovery after witnessing its first major dip of the year.
PayPal has just revealed that its previous trading volume record has given way for a new trading volume all-time high. According to Nomics, $242 million worth of cryptocurrency was moved through the financial payment system beating the previous record by over $100 million.
The leading crypto asset, Bitcoin, had seen its value dropped to around $30k. Presently, the price of the asset is hovering around $35k as it appears to be recovering its lost grounds. Its current path of recovery was further boosted by the PayPal news.
Enthusiasts have been wondering if the trading volume was due to either investors cashing in or out of the system. PayPal, however, is yet to provide this information as of press time.
PayPal’s trading volume surge mirrors Bitcoin recovery
The trading surge on PayPal mirrors the recovery run of Bitcoin which has seen big holders buying the coin out of the dip.
Research by Elias Simon showed that BTC wallet addresses holding over 1000 Bitcoin have continued to grow despite the drop in price of the asset.
Elias went on to note that these addresses have been growing at a faster rate than previously. Most accounts holding less than 1 BTC were instead on the decline, meaning most of the retail investors sold their holdings immediately the market turned.
However, the big time investors saw this as an opportunity to increase their investments in the digital asset.
Other crypto assets also saw a massive gain in the recovery. Stellar and HEX were the biggest winners as these assets gained over 15% in the last 24 hours alone.
The market cap of the general crypto industry which had sunk to $900 billion also regained its $1 trillion mark under one day, showing that the crypto market is on a recovery path once again.
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