Bitcoin started moving North after PayPal spread the word that its U.S.-based customers can now use BTC and other cryptocurrencies to purchase goods from its 26+ million merchants globally.
PayPal initially announced its embrace of crypto back in mid-fall of 2020, when it allowed its customers to buy Bitcoin, Ethereum, XRP and several other major digital currencies.
However, the company allows its clients to store crypto only on PayPal wallets without withdrawing it and to spend it only within its own ecosystem.
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The world’s flagship cryptocurrency immediately responded to the news and started going up. At press time, BTC is changing hands at $59,200 on the Kraken exchange.
It has risen from slightly above $57,000 over the past hour.
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