Since the news that PayPal is allowing cryptocurrencies, among them Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, on their platform have broken out, there has been a significant increase in Bitcoin's price (as well as other cryptocurrencies), which for a while had been hovering around $10k. While these lines are being written, Bitcoin is at $12,800 (about 10,790 Euros) and is possibly climbing even higher.
A Temporary Rise? Probably.
While the news about PayPal is a very positive sign toward the goal of adoption, the price boom is sometimes followed by a decline. It is possible that this will happen later this week when people will get over their enthusiasm for this news since the market is driven by sentiments more than logic. However, I believe that as soon as PayPal actually allows the buying and selling of these cryptocurrencies, since now there is only an official announcement, there will be a new rise in Bitcoin and definitely a rise in the other cryptocurrencies that will be added too, possibly even a rise in the whole market because this kind of opening to a major adoption is beneficial for the entire market.
PayPal is affiliated with more than 26 million sellers and they are planning on implementing cryptocurrency payments to merchants in early 2021.