The crypto markets are cheering PayPal’s decision to allow its customers to use cryptocurrencies to shop from its vast merchant network. PayPal also revealed that U.S. account holders will be able to buy, sell, and hold cryptocurrencies in the PayPal app. 

The company plans to extend this service to a few other countries in the first half of 2021. PayPal’s decision has significantly increased the reach of cryptocurrencies. Now many of the company’s 346 million active users will have the options to engage with cryptocurrencies and become investors if they choose.

Daily cryptocurrency market performance. Source: Coin360

However, a mass influx of investors into cryptocurrencies is likely to take more time. Ultimately, this move by PayPal proves that companies cannot ignore the rise of digital assets anymore.

Although the news is bullish, a vertical rally may not materialize immediately. After the initial buying frenzy dies down, the extent of any future correction will confirm whether a new roaring bull market has begun or if institutional investors used this news to lighten up their positions in order to buy at lower levels.

Let’s analyze the charts of the top-10 cryptocurrencies and spot the critical levels to watch out for.