PayPal Allows Users To Transfer Crypto; Bitcoin Up 5%, Ethereum Rises 4%

PayPal which earlier enabled crypto buying on its platform has now launched a feature which allows users to transfer crypto to other PayPal wallets and external crypto wallets. Meanwhile, crypto market rises.

Outlook Money Team

Updated on: 8 June 2022 9:38 am

American financial technology service provider PayPal, which was co-founded by Elon Musk in 1999 and subsequently sold to Ebay.com, today announced that it will now enable users to transfer crypto from their account to other wallets and exchanges.

PayPal already allows users to purchase crypto on its platform and this new feature will allow it to transfer cryptos to other users' PayPal wallets or their own external hardware-based wallets. But the network fees for external wallet transfers will be borne by customers with the internal PayPal wallet to wallet transfer being free for now, reported Techcrunch.

We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
— PayPal (@PayPal) June 7, 2022

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Cryptocurrency Prices

The global crypto market capitalisation went up by 4.41 per cent to $1.26 trillion as of 8.50 am. The global crypto volume was up by 3.49 per cent to $84.24 billion as per Coinmarketcap data.

"Ether and other major altcoins are following a similar pattern. The markets are continuing the downward trend over the long-term," says Gaurav Dahake, CEO and founder, Bitbns.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $31,010.77, higher by 5.36 per cent in the last 24 hours. Ethereum (ETH) was up by 4.29 per cent to $1,825.11.

Among other significant coins, Cardano (ADA) was up by 9.55 per cent at $0.6445; Algorand (ALGO) was trading with a gain of 9.12 per cent at $0.4184, Solana (SOL) was trading with a gain of 1.27 per cent at $39.95, Polkadot (DOT) was up by 2.29 per cent at $9.25, and Binance Coin (BNB) was up by 1.14 per cent at $289.60.

Today’s top gainer was Revolotto (RVL), which was up by 719.45 per cent at $0.08751. The top loser was Metacyber (METAC), which was down by 100 per cent at $0.00000000000000000001.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 2.11 per cent at $0.08105. Its volume to market cap ratio stands at 0.03791. Rival Shiba Inu (SHIB) was up by 2 per cent at $0.00001075.

Dogelon Mars (ELON) gained 1.45 per cent to trade at $0.0000004374, Samoyed Coin (SAMO) gained 5.59 per cent at $0.005939, and Floki Inu (FLOKI) lost 0.42 per cent at $0.000008296.

In the DeFi segment, YFI (yearn.finance) was up by 6.51 per cent at $7,677.40, and Terra Classic (LUNC) was trading with a loss of 16.95 per cent at $0.00006117. Avalanche (AVAX) was up by 2.29 per cent at $24.55, Uniswap (UNI) was trading with a gain of 3.41 per cent at $5.21, and Aave (AAVE) rose by 0.01 per cent at $99.67.