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Home >Markets >Cryptocurrency >Bitcoin tops $59,000 as PayPal launches crypto checkout service

Bitcoin price continued to rise on Tuesday and topped the $59,000 level for the first time since 21 March after PayPal said it is allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.

PayPal’s announcement came a day after the US-based digital payments major Visa said that it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network. The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged to the US dollar.

“PayPal launching a crypto checkout service is a bold step towards making cryptocurrencies mainstream, globally. The move will significantly bolster crypto's adoption in day-to-day life," said Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber.

Meanwhile, the crypto market also remained unaffected by the overall bearish tone in the global markets after a fresh rise in US bond yields.

At 7.30pm IST, bitcoin was trading at $59,010.84, up 1.6% after moving in a wide of $57,112.54-59,658.83 over the past 24 hours, as per CoinGecko. The digital asset is now just 4% away from its lifetime high of $61,711.87.

Meanwhile, other major cryptocurrencies such as ethereum, cardano and ripple were trading up to 3% in the green.

The world’s second-biggest cryptocurrency, ethereum, was trading at $1,832.37, up 2.9% and was around 10% away from its all-time high of $2,042.93.

The last week was an interesting one for the crypto industry where prices saw a very steady increase in prices during the first half of the week followed by a decline during the second half.

“Given that we are in the last week of the financial year, there also are trades in India related to profit or loss booking. The speculation of how the Indian regulators would handle the crypto industry is having a lesser impact on Indian crypto prices nowadays and it is very well matching with international prices, which is a healthy market sign," said Sathvik Vishwanath, co-founder and CEO, Unocoin.

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