PayPal is developing its crypto service to the U.K. It is letting customers to buy, sell and hold four different cryptocurrencies on its platform. Rollout of PayPal’s first development of its crypto suggesting outside the U.S. will start this week.
- Users will be capable of conduct business in Bitcoin (BTC, +2.74%), Ether (ETH, +3.39%), Litecoin (LTC, +0.92%) and Bitcoin cash (BCH, +1.37%) for as little as £1 ($1.40), PayPal said.
- The rollout is the first expansion of PayPal’s crypto suggesting outside the U.S.
- The process will start this week and it should be accessible to all qualified users within the next few weeks.
- users must have verified their identity in order to be qualified. PayPal business accounts will not be supported.
- PayPal presented crypto buying, selling and holding to U.S. customers last October. A move closely followed by Bitcoin attaining new highs for 2020 and one of the sparks that ignited the subsequent crypto bull market.
- The company has not yet let users to move crypto holdings off-platform, though this condition may change. Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies, mentioned at Consensus 2021 in May that a withdrawal function is in the works.
Bitcoin (BTC) buyers were active over the weekend and protected support near the 200-day moving average at $45,000. The cryptocurrency was trading around $50,000 at the time of this report and is will likely face resistance towards $55,000.
The short-squeeze rally
The short-squeeze rally has remained for about a month as Bitcoin held $30,000 support and broke out of a consolidation phase above $42,000. Bitcoin is up about 46% over the past 30 days in spite of recent signs of upside exhaustion.
- The relative strength index (RSI) is near overbought levels on the daily chart, which could encourage profit taking around resistance.
- Pullbacks should be brief given initial support near $45,000.
- Upside momentum is strengthening on daily and weekly charts, which indicates buyers are in control.