Bitcoin breaks above $ 12.3,000 after PayPal announced that Venmo will become a BTC wallet

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Bitcoin (BTC) gained nearly 5% on Oct. 21 as bullish price action combined with new company adoption news boosted profits.

Daily performance review of Coin360’s cryptocurrency market

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PayPal increases the BTC price to $ 12,400

Data from Cointelegraph Markets and Coin360 showed a strong 24 hours for bulls on Wednesday, with BTC / USD trading at $ 12,400.

At press time, the spotlight was on $ 12,300, about an hour after Reuters reported that payment giant PayPal plans to support Bitcoin and other cryptocurrencies through its wallet and Venmo app from 2021.

BTC / USD daily price chart. Source: trade view

The announcement added to an already buoyant BTC trading environment, with USD 12,000 resistance vanishing overnight on Tuesday.