PayPal records highest crypto trading volume of $240 million as the global market cap re-takes $1 trillion and Wall Street records losses. In today’s cryptocurrency news, we are reading more about it.
The global market cap recovered after the record-breaking crash that led BTC to $30,000. The tech stocks took a beating once again as more regulation Is expected to be imposed under Biden’s administration. About $242 million worth of digital assets were moved through the platform which means PayPal records the highest crypto trading volume, higher than the previously recorded one of $129 million set a week ago according to the data by Nomics. Many wanted to know whether the surge in volume was due to investors cashing out or cashing in.
The data hasn’t been revealed yet but Bitcoin’s recovery started in the evening of Monday and gained momentum when the news broke on PayPal. At the time of writing, Bitcoin’s price is $35,000 again and seems to be recovering. The bigger BTC holders seem to have spurred the recovery by purchasing the dip, according to Elias Simos who posted on Twitter. In his research, he found that the wallet addresses that have more than 1000 BTC continued growing while the markets turned down.
He noted that the wallets with 1000 BTC and above were growing at a faster rate and on the other hand, the addresses holding less than 0.1 have been dropping which would suggest retail investors cashed out when the markets turned and bigger investors took advantage of it. All of this means that the crypto market has a strong day because the market cap sunk below $900 billion a day ago, but managed to recover to $1 trillion today again. Almost all of the top 20 cryptocurrencies by a market cap made gains with the two biggest winners being Stellar and HEX who saw gains of 18% over the past 24 hours.
On Wall Street, it was quite stressful but BMO Capital Markets strategist Brian Belski said:
“Widespread speculation of an imminent stock market bubble, not to mention calls for a potential sharp correction in the first half of 2021, only to be followed up by strength during the second half, represents excessive consensus… which only makes us want to go the other way”