The Bitcoin rate rose above $12,800 on Wednesday, October 21. It was close to the highest point reached by the cryptocurrency last year.
Bitcoin started to rise in cost again due to the popular payment service PayPal, which intends to integrate with major cryptocurrencies and allow users to buy, hold and sell such cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin directly from their PayPal account.
The new PayPal feature will be available to US users in the coming weeks. Selected international markets will receive only some of the options in the first half of 2021.
Moreover, the payment system intends to launch support for cryptocurrencies in its Venmo online payment application, which means that PayPal customers will be able to pay with cryptocurrencies without prior conversion at 26 million merchants worldwide.
The news about the integration of PayPal with the crypto had a positive impact not only on the cost of Bitcoin but also on the payment system's shares. After the announcement, they grew by almost 6%. According to the founder of the Galaxy Digital cryptocurrency bank Michael Novogratz, this is news of the year in the cryptocurrency market.