Bitcoin adds back $150 billion amid Visa, PayPal interest

Bitcoin Dollars

After a stark plunge about a week ago that wiped out $100 billion in market value, Bitcoin is back within touching distance of its all-time high. The reason? Interest from corporations and institutional investors.

The biggest impetus for this little rally is the news that Visa and PayPal are upping their crypto game.

As of Wednesday, the price of the world’s largest cryptocurrency has climbed 2% over the past 24 hours, pushing its market capitalization up to $1.1 trillion. This is about $40 billion shy from an all-time high that Bitcoin achieved on March 13.

The current price is at $58,667 at the time of this writing.

Analysts are pinning this resurgence to the booming institution adoption.

Earlier this week, Visa said that it will start settling transactions with cryptocurrency partners using a token built on the Ethereum blockchain. This is a network that underpins the world’s second-largest cryptocurrency, known as Ether.

Then, just one day after, PayPal unveiled its new cryptocurrency checkout service that the payments giant has launched for its United States customers. The plan is to make the service available for the more than 375 million users, allowing them to shop using crypto at millions of online merchants.

These moves are massive cryptocurrency endorsements from Wall Street, and further proof of mainstream acceptance. Additionally, growing corporate investments form the likes of Tesla and Square are signs that institutions are buying the dip.

All this has meant that Bitcoin that has surged nearly 800% over the past year, is offering a return of about 96% this year — more than any sector tracked by S&P 500.

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