Summary List PlacementBitcoin spiked as much as 8% on Wednesday after PayPal said it would soon allow users to buy, sell, and hold the popular cryptocurrency.
The leap pushed bitcoin to an intraday peak of $12,817.17, its highest level since July 2019.
PayPal’s Wednesday announcement marked the latest move by a financial-services giant to accept cryptocurrencies.
The billionaire investor and bitcoin bull Michael Novogratz deemed PayPal’s move “the biggest news of the year in crypto.”
Watch bitcoin trade live here.
Bitcoin soared as much as 8% on Wednesday after PayPal announced it would open its service to cryptocurrency purchases and sales.
Bitcoin reached an intraday high of $12,817.17, well above its previous 2020 record of $12,473. It was bitcoin’s highest level since July 2019.
The world’s largest cryptocurrency is up more than 11% this week alone. Bitcoin broke through the key $12,000 level on Tuesday, and the PayPal news added more fuel to the upswing.
PayPal said it…