PayPal, an online payments business, reported third-quarter net revenue of $6.85 billion, above the market’s forecast of $6.82 billion. The robust income indicates that digital payments services are continuing expanding, which may be good for cryptocurrencies.
According to the company’s quarterly release, the payments industry major saw a rise in sales of 11% year over year, while EPS jumped by 26% to $1.15 from an estimate of $0.96.
In its quarterly release, PayPal also noted that the overall volume of payments for the quarter increased 9% from the previous one to $337 billion. Venmo, a division of PayPal, contributed up $63.6 billion of the quarterly total, according to the study.
The difference in performance between the two assets is notable given that PayPal is still seen as a tech stock, and tech stocks have in recent years generally been correlated with bitcoin. With bitcoin now outperforming the stocks like PayPal, however, the question of whether a decoupling is underway between the two asset classes arises.
Whatever the case is, the strong trading in both BTC and ETH on Friday shows that investors are still willing to take on risk in the crypto markets, despite a still hawkish tone from the Fed – potentially a very bullish sign for the time to come for crypto investors.
