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PayPal, the global payment processing company, announced on Friday that it had successfully resolved a technical issue that caused a worldwide disruption, affecting thousands of users for nearly two hours.
A system outage impacted numerous items, including cryptocurrency, online checkout, Venmo, and account withdrawals. According to PayPal, the problem that began at 1053 GMT had been fixed by 1259 GMT.
On their websites, both Coinbase and Kraken, the exchanges, noted problems with PayPal purchases and deposit delays.
When the PayPal outage occurred, Bitcoin, the world’s largest cryptocurrency, had already surged to over $98,000, triggering a ripple effect across the market. This rise in Bitcoin’s value also led to significant increases in the prices of other cryptocurrencies, as investors reacted to the momentum in the digital asset space.
Using PayPal, customers can purchase, sell, and store cryptocurrency. According to Downdetector, a platform that monitors user-reported issues, nearly 9,000 complaints regarding PayPal transfer problems had been registered by 12:26 GMT.
