Bitcoin price turns bullish on Square’s $50M BTC purchase: Is $11K next?
Bitcoin price rallied close to $11,000 after Square announced a $50 million BTC purchase. The number of Institutional investors stepping in to Bitcoin continues to increase and this appears to be inspiring some newfound confidence in Bitcoin price. Just today Square announced that it had purchased 4,709 Bitcoin (BTC) for $50 million.Square is not the only large company to take this action. Recently, MicroStrategy made waves for also announcing a significant purchase of Bitcoin.These news events could be a signal to investors that a new cycle is starting up and bigger parties are showing....
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Bitcoin’s price has finally broken back above $11,000 after a prolonged period of consolidation around $10,700 This move marks an extension of the momentum that was incurred following news of Square’s plan to purchase $50 million worth of BTC. Analysts and investors took this news as a sign that companies are widely beginning to accumulate BTC to hold as a reserve asset As such, it renewed a bullish sentiment and, as can be seen today, […]
Jack Dorsey’s Square now owns roughly 3,318 more BTC. Financial services outfit Square just announced it has picked up more Bitcoin. Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding:“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”Bitcoin (BTC) has fallen significantly this week so far, dropping below the $50,000 mark after....
Square’s Cash App has increased Q3 Bitcoin revenue by 1,100% after more than $1.6 billion Bitcoin was purchased by users Cash App, the Bitcoin-friendly mobile payments app from U.S. financial services firm Square, has reported Bitcoin (BTC) has overtaken all other revenue sources, making up almost 80% of its entire revenue in the third quarter.In Square’s third-quarter report, Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019. Bitcoin revenue was by far the largest component of Cash App’s....
Venmo is following in the footsteps of its rival, Square’s Cash App, by introducing cryptocurrency trading. Payments app Square made headlines — and dollars — when it integrated Bitcoin trading into its mobile platform back during the crypto bull market of winter 2017. Now, rival payments firm Venmo, owned by PayPal, is following suit by launching cryptocurrency trading for four major coins: Bitcoin (BTC), Ether (ETH), Litceoin (LTC) and Bitcoin Cash (BCH).Beginning on Tuesday and set to be widely available within the new few weeks, Venmo’s 70 million+ customers will be able to buy, hold....
Square appears content with its Bitcoin holdings for now. Over the course of 2020 and 2021, Square bought over $200 million worth of Bitcoin. At present, the payments company does not anticipate picking up more of the asset, according to its chief financial officer, Amrita Ahuja. In an interview with Financial News, reported on Friday, Ahuja said: “We don’t have any plans at this point to make further purchases.” She added: “There’s no plans at this point to re-evaluate where we are from a treasury standpoint."Cointelegraph reached out to Square for additional comments, but did not receive....