Home Stock Market PayPal shares hit the longest winning record amid bitcoin's rally

PayPal shares hit the longest winning record amid bitcoin’s rally


Shares of PayPal Holdings Inc. and Square Inc. are all rising hot as consumer spending recovers and bitcoin continues to rise.

Both stocks are on track for the 10th consecutive day of trading, with PayPal shares
PYPL,
+ 1.88%

up 15.9% over that time period and Square shares
SQ,
+ 2.25%

30.3% increase. PayPal, which went public in July 2015, is on track to hit its longest winning record if the stock closes Tuesday’s session in positive territory. Square’s winning streak is the longest since its 10-day run ended on November 27, 2019.

Shares in PayPal and Square were up on Tuesday even as shares of Mastercard Inc.
GHOST,
-0.67%

and Visa Inc.
V,
-0.47%
,
capital is lent more broadly to global spending, which is on track for a second straight day of decline. The recent surge for PayPal and Square shows how big of a buzz the recent strategic moves are among investors, as companies have pushed their way into the world of crypto, It seems that investors are increasingly interested.

Mizuho analyst Dan Dolev told MarketWatch in an email that is rising to an all-time high, helping to improve their dynamics. Bitcoin
BTCUSD,
+ 5.27%

up 9.3% in the last 10 sessions and on track to close at a record level on Tuesday. Meanwhile, the S&P 500 index
SPX,
+ 0.07%

4.0% over the same period.

Square for years allowed its Cash App users to buy and sell bitcoins, while PayPal allowed US users to buy and sell a variety of cryptocurrencies by the end of last year. PayPal announced late last month that it is starting to roll out a feature that will allow people purchase with their cryptocurrency at sellers use the company to process payments.

When it comes to their commercial businesses, PayPal and Square are tied with slightly different trends. PayPal relies on e-commerce, which saw increasing adoption during the COVID-19 crisis, while Square’s more exposure to smaller traditional sellers has felt a pain in the pandemic. .

Still, both companies can continue to thrive amid economic recovery, Dolev argues. E-commerce is still “very high despite reopening,” which could give investors more confidence that “e-trading is really thriving and PayPal is more than just a tool. support COVID. ”

For Square, overall higher consumer spending could help the company’s seller segment, he added.

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