Bitcoin Breaks To New 2020 High on PayPal News: This Was The Weekly Crypto Market Update

This week was particularly interesting in the cryptocurrency markets. Bitcoin’s price charted a new 2020 high, surging to as much as $13,217 on Binance. The entire market cap surged and gained almost $40 billion throughout the past seven days.

The catalyst for this major move was PayPal. The world’s largest online payment processor announced that it would allow its customers to buy, sell, and store cryptocurrencies as soon as the next few weeks for US-based users. The rest of the world would have to wait for the first half of 2021.

To anyone wondering, PayPal has millions of merchants in its network, and the CEO of the company said that they would work actively into incorporating digital currencies in their system. Moreover, it’s also interesting to see how banks and regulators will react to the news. Almost every bank accepts PayPal transfers, but almost none of them accept Bitcoin transfers.

Almost immediately after that, reports started circling, indicating that PayPal is in talks with BitGo, a leading Bitcoin custodian, over a potential acquisition deal.

In general, the shift towards online payment processing and digital currencies becomes even more apparent in 2020. Whether it’s because of the global pandemic or for other reasons is something that remains to be determined, but here’s an overall outlook of the performance of major companies and banks.

Elsewhere, the billionaire investor Paul Tudor Jones III doubled-down on his Bitcoin bet, saying that he likes the cryptocurrency even more following the latest rally and that it’s the best “inflation trade.”

It’s also worth noting that regulators continue their increasing involvement in the field. This week, a Bitcoin mixer was fined $60 million by FinCEN.

It surely was an intensive week, and it’s very interesting to follow the market as we are about to enter the last two months of 2020.

Market Data

Market Cap: $392B | 24H Vol: 95B | BTC Dominance: 60.9%

BTC: $12,878 (+13.69%) | ETH: $408.80 (+11.12%) | XRP: $0.252(+5.81%)

PayPal to Enable Bitcoin and Crypto Purchasing and Selling. The world’s largest online payment processing company, PayPal, has announced that it will allow its users to buy, sell, and store cryptocurrencies. The US-based customers will be able to do so in the coming weeks, while the rest of the world would have to wait until the first half of 2021.

I Like Bitcoin, Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones. Billionaire investor Paul Tudor Jones II has become an even bigger fan of Bitcoin. He said that he likes it even more following the most recent price action and that it is the “best inflation trade.”

Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt. Bitcoin might be in for the highest monthly close in its relatively short history, according to popular analyst Peter Brandt. That is, of course, if it manages to upkeep its momentum until the end of October.

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds. According to a recent survey, the majority of cryptocurrency investors hold most of their portfolio in Bitcoin. This comes somewhat expectedly, given the latest developments on the market and BTC being able to chart a new 2020 high.

The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey). In a survey conducted by CryptoPotato, investors revealed that their biggest concern related to the price of Bitcoin in 2020 is the upcoming US 2020 Presidential Election and whether or not Donald Trump will get reelected.

Bitcoin Mixer Penalized by FinCEN With $60 Million in Fines. The United States Financial Crimes Enforcement Network has managed to strike another blow to privacy enthusiasts. The watchdog fined a Bitcoin mixer with as much as $60 million in civil penalties.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash – click here for the full price analysis.