• PayPal set to hire tow blockchain engineers amid rumors of cryptocurrency integration.
  • Bitcoin price tests $9,800 riding on the PayPal rumors; a sigh of relief for BTC investors.

Bitcoin price extended the minor bullish momentum witnessed on Monday to levels close to $9,800. A weekly high was formed at $9,786.24 before a retreat came into the picture. The breakout has been linked to the rumors that PayPal could be moving towards the integration of Bitcoin and other cryptocurrency payments.

The rumors of the integration surfaced following two job listings by PayPal. The job listings are seeking for cryptocurrency and blockchain experts. PayPal commands a market of more than 305 million around the globe. One of the listing is titled “Technical Lead – Crypto Engineer.” This person will account for:

“New initiatives for PayPal global with a focus on agility, time-to-market and innovation. The role includes designing, developing and maintaining key crypto products/features targeted towards availability, performance and scalability of PayPal services.”

The second job listing is seeking for a blockchain research engineer who will work in PayPal’s research team “within the Strategic Technology Enablement team chartered with establishing expertise and opinions on emerging blockchain technologies and their potential uses within PayPal.”

The job listings remain live and public amid rumors that PayPal is gearing towards the integration of cryptocurrency payments. PayPal has for a long time considered developments in blockchain and virtual currencies to carry potential risks that are likely to harm the firm. However, company policies change all time and this could be PayPal’s way of diving into the rapidly growing blockchain industry.

Meanwhile, investors are nonetheless relieved that the rumor sent BTC closer to its psychological barrier at $10,000. It is now clear that a boost above $9,800 could pave the way for gains above this same barrier. For now, Bitcoin has retreated to $9,650 after $9,700 failed to transform into a support area. Support above $9,600 will, therefore, avert losses towards $9,500 and allow bulls to focus on the barriers at $9,600 and $10,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP