Wall Street Close: PayPal prints all-time highs on Bitcoin adoption
- PayPal has entered the cryptocurrency market, sending both the crypto space and PayPal higher.
- PayPal Holdings INC prints all-time highs of $215.83.
- US benchmarks end in the red as US stimulus deal hopes faded into the close, as 'tomorrow' never comes.
Stocks on Wall Street were once again turbulent on a week where politics meets earnings and the coronavirus spread rages on through both the US and Europe, particularly.
However, it wasn't all bad news.
PayPal Holdings Inc adopts cryptocurrencies
The stand out performer on the day was PayPal Holdings Inc which marked an all-time high following its announcement that customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts:
(Source: TradingView)
''Virtual coins could then be used to buy things from the 26 million sellers which accept PayPal'', it said.
PayPal plans to roll out buying options in the US over the next few weeks, with the full rollout due early next year.
The other cryptocurrencies to be added first will be Ethereum, Litecoin, and Bitcoin Cash (a spin-off from Bitcoin).
All could be stored "directly within the PayPal digital wallet", the company said.
Breaking: PayPal enables buying and selling of cryptocurrencies in 2021
Bitcoin prices rose alongside the news, breaking the $12,000 mark.
Mañana, mañana ...
Meanwhile, investors are now worried whether difficult negotiations in Washington will produce a deal for a fresh US coronavirus stimulus package before the November 3rd US Presidential Elections.
White House Chief of Staff Mark Meadows said that while there are several differences between the White House and Congressional Democrats, Republican President Donald Trump was "willing to lean into" working on an agreement.
Meadows: Optimistic a deal can be reached
US House Speaker Nancy Pelosi's spokeswomen, Drew Hammill tweeted that a call between Pelosi and the Treasury Secretary Steven Mnuchin lasted for 48 minutes and ''today's conversation brings us closer to being able to put pen to paper to write legislation.''
Pelosi spokeswomen Hammill: Today's conversation brings us closer to ... legislation
However, the carrot can be dangled for only so long before investors will grow tired of hearing ''tomorrow' that never seems to come.
Consequently, the Dow Jones Industrial Average fell 98.76 points, or 0.35%, to 28,210.03, the S&P 500 lost 7.77 points, or 0.23%, to 3,435.35 and the Nasdaq Composite dropped 31.80 points, or 0.28%, to 11,484.69.
S&P 500 levels
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
