PayPal Didn’t Shoot Bitcoin Above $13,000, Analyst Explains Why

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On Wednesday, Bitcoin logged a supersonic bull run, hitting $13,000 for the first time in 15 months. The rally started after PayPal announced its foray into the cryptocurrency sector, leading analysts to believe that the $138 billion global payments firm drove the latest Bitcoin adoption. But at least one of them disagreed. In a tweet published earlier Thursday, the pseudonymous analyst claimed that Bitcoin went upwards because of an abundant supply of Tether’s stablecoin, USDT. “I don’t believe that the recent BTC rise occurred due to the PayPal news,” he said. “It more looks like a “Xi-pump” in October 2019.” Bitcoin surged by $3,000 in October 2019 after Mr. Jinping’s blockchain endorsement. Source: BTCUSD on TradingView.com With “Xi Pump,” the analyst was referring to a Bitcoin price rally in October 2019. Back then, China’s premier Xi Jinping endorsed the cryptocurrency’s underlying blockchain technology in a public event. That shortly followed…

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