Square, Inc. (SQ) reported first quarter 2021 earnings this week, and the company revenues vastly surpassed the analyst’s expectations. Quarterly revenues to start the year came in at over $5B USD, compared to average analyst projections anticipated $3.37B. In the last quarter of 2020, the company purchased $50M worth of BTC, and followed that purchase up with another $170M worth of BTC in the first quarter of this year. Cash App & Crypto Square’s mobile-driven app, Cash App, saw fruitful engagement with Bitcoin on the app. Bitcoin volume multiplied year-over-year for the firm, going from $306M a year ago to over $3.5B in this past quarter. Profits realized from crypto transactions over the quarter totaled $75M. Cash … [Read More...]
This Indicator Signals Caution For Bitcoin Holders, Should Bulls Beware?
After a few days below the mid-range in the $50,000 zone, Bitcoin has retraced. At the time of writing, BTC trades at $54,137 with sideways movement in the 1-hour chart, approaching correction levels in the 24-hour chart. Certain indicators point to more depreciation, at least, in the short term. BTC with moderate losses in the daily chart. Source: BTCUSD Tradingview The crypto market appears to be negatively reacting to statements from the U.S. Secretary of Treasury, Janet Yellen. The top 10 cryptocurrencies by market cap are in the red except for Dogecoin (DOGE) with a 30% profit in the daily chart and Litecoin with a 3.1%, at the time of writing. In the traditional market the hit was just as painful, according to Holger Zschhaepitz: OUCH! … [Read More...]
Record trade deficits, markets on edge, sorry bitcoin its ethereum’s turn and dogemania continues, Latam in focus
Investors are a little unsure on how to navigate the next couple of quarters of roaring US growth that is unlikely to be reciprocated by the rest of the world. Today’s massive record-setting trade deficit will likely only get worse as the US economy heats up and the rest of the world tries to get their economies reopened. The habit of making fresh record highs will be a lot harder in the coming months as everyone braces for some of President Biden’s tax plan to get pushed through and for surging soft commodities pricing and chip shortages to drive inflationary concerns. The last couple of weeks have been filled with countless companies from Procter & Gamble, Coca-Cola, Caterpillar, and even Berkshire Hathaway, talking about persistent … [Read More...]
Cryptocurrency Isn’t Just for Elon Musk
Cryptocurrency was created to level the financial playing field; it doesn’t have to be confusing or inaccessible. [Read More...]
ISM Plunges, stocks pare gains, dollar drops, ethereum breaks USD 3K, bitcoin follows
The April ISM Manufacturing report delivered a steep decline that caught everyone off guard. Given some impressive Fed regional surveys, a strong beat was expected by many. Today’s miss is not really terrible, but perhaps a reminder that the Fed surveys only cover a portion of the country and miss a good part of the West Coast. Expectations with US data may have become too optimistic, but this first look at April suggests the recovery is firmly in place, albeit at a slower pace. US stocks did not know how to react to the ISM data. Slowing growth along with soaring pricing pressures is somewhat a vindication for the Fed’s cautious stance but not necessarily supportive that inflation will be transitory. The S&P 500 index is holding … [Read More...]
Bitcoin Gains Ground amid Falling Interest in Gold
Bitcoin (BTC) has consolidated at $59,500 as the attractiveness of gold has declined, which has already approached a nine-month low. According to Bloomberg, the precious metal is approaching its first quarterly decline since 2018. Source: denvergold.org Interest in gold is falling due to the potential for a global economic recovery, the newspaper writes. In recent weeks, the price of gold has largely declined with no chance of recovery. International investors put pressure on the position of gold, even more, having reduced assets in funds by 10%. According to Bloomberg, the exchange of traded funds (ETF) decreased by 49,000 ounces (1.5 tons), to 3110 tons, according to the results of trading on March 29. Bitcoin is becoming a profitable version of gold Bitcoin is often compared to gold as an … [Read More...]
Bitcoin Edging Toward $60K: Why Is the Coin Teasing?
At 11:10 GMT on Saturday, BItcoin traded at $59,785, a loss of 0.2% in the last 24 hours. As the price of the king cryptocurrency corrects, the coin continues to trade extremely close to $60k. In the past few days, Bitcoin has been able to fully recover from a fall to $52,000 toward the end of March. As this goes on, data from Santiment indicates that recent transactions from Bitcoin whales (wallets with over $1 million) are seeing increased activity. Around this time a year ago, whale transactions saw around 229 transactions per day. This figure has massively increased. At the time of writing, BTC was witnessing around 1,930 whale transactions, a whopping 734% increase. Just yesterday, an under-the-radar wallet moved hundreds of millions of dollars worth of … [Read More...]
JPMorgan Sees Institutional Opportunity Due to Falling Bitcoin Volatility
A drop in volatility in Bitcoin (BTC) can have a good effect on attracting large players. At least analysts of the American bank JPMorgan think so, writes Bloomberg. According to experts, the recent decrease in cryptocurrency volatility creates conditions for the arrival of institutional investors. JPMorgan said: We believe that a potential normalization of Bitcoin volatility is likely to help revive institutional interest in the future. Moreover, the price of BTC could rise to $130,000 if retail investment in cryptocurrency equals gold. However, when exactly such a jump in price could occur, analysts did not specify. According to the calculations of the American bank, the three-month volatility of Bitcoin fell to 86%. The half-year indicator will stabilize at around 73%. Source: bloomberg.com As volatility … [Read More...]
As the Second Quarter Begins, Bitcoin Is in Its Best Year Yet
As the second quarter begins, Bitcoin price is looking at its strongest three-month gain than any quarter since 2013. With a 103% gain in the first 3 months of 2021, the coin looks primed for more. Typically, March has been a bad month historically for Bitcoin. However, the king cryptocurrency saw a massive increase of nearly 30% over the month is strong evidence that this year is different. Moreover, it was during this year that Bitcoin tested an all-time high of $61,000, a record high for the coin. At 18:30 GMT, Bitcoin was trading at $58,823. A loss of 0.68% over the last 24 hours. The second quarter of the year has been historically the strongest in the life of Bitcoin. Two years ago, Bitcoin’s second quarter saw nearly 160% … [Read More...]
Bitcoin Price Crash Paused by Goldman Sachs Entry into the Market
Bitcoin fell over $2,000 on Wednesday. The price fell from $59,400 to nearly $57,000 in just five minutes of trading. At 17:39 on Wednesday, the coin was exchanging hands at $59,122, a gain of 0.63% over the last 24 hours. Market analysts have blamed the quick fall on overleveraged long positions. The plunge liquidated about $600 million worth of extended bullish contracts across major futures exchanges. After the fall, Bitcoin maintained a short-term price floor at around $58,000. Now, the king cryptocurrency is close to retesting $60,000. The respite to bulls came from Goldman Sachs which announced that it would soon offer its first investment services for Bitcoin and other cryptocurrencies to clients of its private wealth management group. This latest development from Goldman Sachs was reported by … [Read More...]
$73K Is the Next Key Level As PayPal Begins Bitcoin Payments
Bitcoin price began a rebound since the start of the week. It is once again approaching current record highs, handing the price baton back to the bulls. At 17:06 GMT on Tuesday, the price of a Bitcoin was trading at $58,791, a gain of 1.8% over the last 24 hours. In the run-up to the options expiry last Friday, Bitcoin saw price corrections throughout the week. While a rebound is not new in the cryptocurrency market, Bitcoin is currently about $1,000 away from $60,000. The consolidation of the price has been going on for most part of March suggesting that Bitcoin has been building a solid base to rocket from. The chart above shows that the critical support area tested last week was between $49,500 and $51,000. Since … [Read More...]