PayPal will allow U.K. customers to buy, sell, and hold cryptocurrencies starting this week
Online payments name PayPal Holdings Inc (NASDAQ:PYPL) is up 1.5% to trade at $277.15 this morning, after the company announced customers in the United Kingdom will be able to buy, sell, and hold Bitcoin (BTC) and other cryptocurrencies starting this week. This marks the first time users outside of the United States will be allowed to use the firm's crypto services. Also contributing to today's price action is Bitcoin's surge to a three-month high of $50,000 on Sunday.
The security has pulled back on the charts since surging to a July 26, all-time high of $310.16. Shares seem to have found a floor at the $267 level, though, which coincides with the supportive 120-day moving average. Longer term, PayPal sock sports a 40.9% year-over-year lead.
The brokerage bunch is already overwhelmingly bullish towards the equity. Of the 27 analysts in question, 26 carry a "buy" or better rating, while only one says "hold." Plus, the 12-month consensus target price of $327.24 is an 18.1% premium to current levels.
What's more, PayPal stock boasts attractively priced premiums at the moment. The security's Schaeffer’s Volatility Index (SVI) of 25% sits higher than only 8% of readings from the past 12 months. Plus, its Schaeffer's Volatility Scorecard (SVS) stands at 97 out of 100, suggesting the equity has exceeded options traders' volatility expectations in the past year -- a boon for buyers.