PayPal Launches $1.386 Million Bitcoin Sweepstakes to Boost Crypto Engagement

26.11.2025 13:15 6 sources positive
BTC BTC $92591.80 +2.67%
ETH ETH $3320.63 +6.55%
SOL SOL $138.70 +4.30%
LTC LTC $84.50 +1.57%
BCH BCH

PayPal has announced a major Bitcoin sweepstakes promotion running from November 17 to December 21, 2025, exclusively for U.S. residents aged 18 and older with PayPal accounts. The sweepstakes features over $1.386 million in Bitcoin prizes, distributed across five weekly cycles, with a total of 1,008 winners.

Participants can enter through two methods: making qualified cryptocurrency transactions on PayPal (excluding PYUSD purchases) or submitting a mail-in entry. Qualifying cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH). Users can earn up to 10 entries per week by engaging in crypto activity, incentivizing repeated participation. The prize structure includes Tier 1: six winners of $100,000 in Bitcoin each, Tier 2: 30 winners of $10,000 each, and Tier 3: 972 winners of $500 each, all awarded in Bitcoin.

Independent verification service PromoVeritas will oversee the sweepstakes, with winners notified via email within 10 working days of selection. The promotion has sparked skepticism in the crypto community, with some users questioning its legitimacy on social media, though it is confirmed to be authentic. This initiative aligns with PayPal's broader efforts to expand its crypto services, which began in 2020 with the introduction of buy, hold, and sell features, followed by the launch of the PYUSD stablecoin in 2023.

BTC BTC $92591.80 +2.67%
PayPal's $1.386M Bitcoin sweepstakes represents strong positive fundamental adoption catalyst from a major financial institution. The promotion incentivizes repeated crypto transactions and Bitcoin exposure to millions of U.S. users, driving retail engagement and network effects. However, technical indicators show current weakness with RSI at 38-46 (oversold territory), negative MACD across timeframes, and price below key EMAs. Short-term: potential relief rally from oversold conditions boosted by retail excitement. Long-term: institutional adoption narrative strengthens, but immediate technical resistance at $87K-$90K may cap gains until broader market sentiment improves.
Technical analysis
Bearish technicals contradict bullish news: RSI oversold (38-46), MACD negative across timeframes, price below EMA20/50. ADX strong (45) confirms downtrend momentum. Only potential relief from oversold conditions supports short-term bounce.
ETH ETH $3320.63 +6.55%
PayPal's $1.386M Bitcoin sweepstakes indirectly supports ETH as a qualifying cryptocurrency, driving retail engagement and transaction volume. The promotion creates positive sentiment for broader crypto adoption through a major fintech player, though community skepticism may temper immediate impact. Combined with institutional developments like FCA transparency trials and Coinbase Ventures' 2026 DeFi focus, ETH benefits from growing mainstream integration. Short-term price action faces headwinds from Spanish tax proposals and whale selling, but long-term adoption trajectory remains bullish.
Technical analysis
Mixed signals with RSI neutral (43-52) but MACD negative across shorter timeframes. Price below key EMAs (2920-2930) indicates bearish pressure, though 4h momentum shows potential stabilization. Volume below average suggests limited conviction.
SOL SOL $138.70 +4.30%
PayPal's $1.386M Bitcoin sweepstakes includes SOL as a qualifying cryptocurrency, providing direct fundamental catalyst through increased transaction volume and user engagement. This institutional validation from a major payment processor creates positive sentiment, though the impact may be diluted across six eligible cryptocurrencies. Combined with recent Franklin Templeton ETF inclusion and Taurus integration news, SOL benefits from multiple institutional adoption drivers. Short-term price reaction likely positive but moderate given broader market conditions and technical positioning.
Technical analysis
Technical indicators show mixed signals: RSI at 35-52 across timeframes suggests neutral to slightly oversold conditions, while MACD negative on shorter timeframes indicates bearish momentum. Price trading below key EMAs (136.02 vs EMA20 135-137) confirms short-term weakness. Volume below 20-period average suggests lack of strong conviction.
LTC LTC $84.50 +1.57%
PayPal's $1.386M Bitcoin sweepstakes includes LTC as a qualifying cryptocurrency, creating positive fundamental sentiment through increased platform engagement and transaction volume. The promotion incentivizes repeated LTC purchases on PayPal, potentially driving short-term demand. However, the moderate intensity and U.S.-only scope limit upside potential. Long-term, this reinforces LTC's position among major payment-focused cryptocurrencies, supporting adoption narrative.
Technical analysis
Technical indicators show bearish momentum with RSI at 41-45 (neutral-bearish), MACD negative across timeframes, and price below key EMAs. Volume below 20-period average suggests weak participation. Current downtrend contradicts positive news sentiment, indicating technical resistance.
BCH BCH
PayPal's $1.386M Bitcoin sweepstakes directly includes BCH as a qualifying cryptocurrency, providing fundamental adoption catalyst through major payment platform exposure. This creates positive sentiment with moderate intensity as it incentivizes BCH transactions among PayPal's U.S. user base. Short-term price reaction likely positive due to increased transaction demand, though limited to promotion duration. Long-term benefits depend on sustained user engagement beyond sweepstakes period.
Technical analysis
Mixed technical signals: RSI neutral (~54) suggests room for movement, while ADX shows strong trend strength on 1h. Volume below 20-period MA indicates weak participation. EMA20/50 convergence near current price suggests consolidation phase.
Sources
PayPal Launches Bitcoin Sweepstakes Offering Up To $100,000 In Prizes
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Crypto Users Question PayPal’s $1M Bitcoin Sweepstakes, Fearing Marketing Gimmick
crypto-economy.com 26.11.2025 14:18
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