Bitcoin (BTC) gained close to 5% on October 21 due to bullish price action combined with recent news of companies embracing increased profits.
PayPal increased the price of BTC to $ 12,400
Data from the Cointelegraph and Coin360 markets showed 24 hour strength for the bulls on Wednesday, with BTC / USD surpassing $ 12,400.
The focus was on $ 12,300 at time of publication, about an hour after Reuters announced that the payment giant PayPal is planning to support Bitcoin and other cryptocurrencies through its Venmo wallet and app from 2021.
The announcement boosted an already crowded Bitcoin trading environment as $ 12,000 resistance evaporated Tuesday night.
Bitcoin’s weekly profit is 8.5%, which is more and more different from other overall assets that had poor results over the same period.
Cointelegraph previously released a list of factors that an analyst said support a bullish case for Bitcoin in the future.
PayPal should also support altcoins Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). After the news, the ETH / USD pair rose modestly 2.2% to $ 378, while the BCH / USD pair rose 4.5% to $ 456.