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Paypal now allows trading and holding of Bitcoin, Ethereum, Litecoin and Bitcoin Cash
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Yesterday’s high of $ 66.66 is the highest LTC traded since August
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A weekly close above $ 62 could facilitate a new wave of LTC buying
Litecoin (LTC) price is trading over 12% higher this month as the bulls attempt to break out of the key short-term resistance.
Fundamental Analysis: Paypal’s New Crypto Update Will Allow BTC, ETH, BCH and Litecoin Trading in the US
The latest Paypal update will allow trading and holding of several cryptocurrencies including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The payment service provider has been testing its crypto functionality on a small number of users since October until now, and following the new update, PayPal users will be able to trade these cryptocurrencies on the platform.
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However, the new crypto update will only be available in the US for now before launching in international markets in the first half of next year. PayPal consumers in the US will be able to use cryptography on the platform “as a funding source to pay at PayPal’s 26 million merchants worldwide.”
The online payment giant said merchants will have “no additional fees or integrations, as all transactions will be settled in fiat currency at their current PayPal rates.” PayPal could introduce some changes to how encryption works with the platform until 2021.
According to its October announcement, the platform will not charge service fees for cryptocurrency trading until the end of this year. For the time being, Paypal will not charge any fees for holding cryptocurrencies in the account. The company also said it acquired a “first-of-its-kind conditional Bitlicense” from the New York State Department of Financial Services (NYDFS).
The goal of this agency is to “continue to encourage and support financial service providers to operate, grow, stay and expand in New York and work with innovators to enable them to sprout and test their ideas, for a service dynamic and forward-looking financial sector, especially as we work to better rebuild New York in the midst of this pandemic, ”said Linda A. Lacewell, superintendent at NYDFS.
Technical analysis: an almost completed break
Litecoin price underwent a significantly lower correction today after bursting yesterday to close 8.68% higher. Yesterday’s high of $ 66.66 is the highest LTC traded since August. Buyers are now working to secure a weekly close above $ 62.00, an area that hosts key short-term support.
The 100-DMA comes in just below the $ 61.00 level while the descending trendline comes a little higher. A weekly close above this support zone could easily facilitate a new wave of LTC buying towards the next $ 71 and $ 84 targets.
Summary
Paypal has launched a new update that will allow you to hold and trade different cryptocurrencies on the platform. The new is now only available in the United States before launching in other parts of the world in the first half of 2021.
