When PayPal’s transaction limit falls, bitcoin payments can resume
The Bitcoin price rose to a record $1,917.55, after PayPal confirmed it was temporarily halting transactions for a “significant” number of users after a number of reports of a $100 Bitcoin transaction limit breach.
The bitcoin price has been rising steadily for several days now, with the price hitting an all-time high on October 28th of last year at $1.2650.
In late September, the price hit a high of $1 at one point, but has since fallen back down to $1 around $1 a coin.
Bitcoin’s price is also now surging, with a price of $4,000 per coin in recent days.
The new data confirms that PayPal was temporarily suspending all transactions on the payment platform on Wednesday morning.
PayPal announced that it was halting the withdrawals of more than $100,000 worth of bitcoin on Wednesday, but stopped short of saying that it had taken the necessary measures to prevent the situation from escalating further.
The news comes as PayPal continues to face a number issues.
On Wednesday, the company reported that the number of accounts affected was larger than initially reported, and said it was working with the bank that handles its online payments to “assess the risk.”
PayPal has also been hit by a series of major hacks, with hackers releasing sensitive information and personal data.
Last week, it was revealed that the company had suffered a major breach of its database that could have exposed customer information for a large number of people.
Last week, a hacker released a trove of personal information, including Social Security numbers and birth dates, of about 10 million users.
PayPal said it is still investigating the incident and working with law enforcement and the Federal Bureau of Investigation to identify the culprits behind the breach.