Cryptocurrency tracker Whale Alert, which tracks large crypto transactions and then shares their details on the X/Twitter platform, has spread the word about three large amounts of Bitcoin transferred to the giant PayPal in the last 11 hours. They were carried out consecutively.
Cryptocurrency tracker Whale Alert, which tracks large crypto transactions and then shares their details on the X/Twitter platform, has spread the word about three large amounts of Bitcoin transferred to the giant PayPal in the last 11 hours. They were carried out consecutively.
The total value of the Bitcoin sent there exceeds $300 million.
Anon whale recharges his Bitcoin wallet on PayPal
The aforementioned source mentioned that the whale made three transactions, carrying 2,500 BTC each, worth $106.6 million separately and more than $318 million in total.
PayPal, the US-based online payments giant, adopted Bitcoin and a few other cryptocurrencies in 2021, when it first allowed its customers to buy and sell cryptocurrencies (BTC, ETH, LTC and BCH) and keep their wallets local cryptocurrencies without the possibility of withdrawal.
PayPal jumps on the cryptocurrency bandwagon
PayPal later expanded its cryptocurrency features by allowing users to send their cryptocurrencies to third-party wallets and deposit cryptocurrencies from abroad as well.
According to analytics data, a year ago, PayPal held $604 million worth of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on behalf of its customers.
In 2023, the online payments giant surprised the financial world when it launched its own stablecoin, PYUSD, backed by the US dollar. The crypto community was then divided between those who saw this as an important step in making cryptocurrencies mainstream and those who criticized PayPal for building a strongly centralized stablecoin; Reports began to emerge on Twitter that a feature that froze and voided user balances was built into the PYUSD code.
Samson Mow expects Bitcoin to go parabolic
Earlier this week, prominent Bitcoin evangelist, head of Bitcoin-focused startup Jan3, Samson Mow, hinted that Bitcoin could go ballistic soon. The main reason for this, according to him, is the astonishing speed at which Bitcoin spot ETFs have been driving Bitcoin out of the market.
Their largely enthusiastic accumulation began after January 11, when the US Securities and Exchange Commission regulator gave the green light to 11 ETFs based on the spot price of Bitcoin. Among them were Wall Street giants BlackRock, Ark Invest, VanEck and Fidelity.
The meme posted by Mow claimed that it is impossible for Bitcoin not to go parabolic at this rate of ETF accumulation.