• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Rebounds as PayPal Rival Buys $170M BTC; Boom Ahead?

February 24, 2021
in Bitcoin
Reading Time: 3min read
Bitcoin Rebounds as PayPal Rival Buys $170M BTC; Boom Ahead?




Yerevan (Bitcoinist) – Bitcoin underwent a modest recovery this Wednesday after Square, a payment service rival to PayPal, revealed its recent investments into the cryptocurrency.

The Twitter-fame Jack Dorsey’s firm purchased $170 million worth of bitcoin tokens at an average rate of $53,125. Combined with its $50 million investment into the cryptocurrency previously, the latest BTC acquisition represents approximately five percent of Square’s total cash reserves, cash equivalents, and marketable securities as of December 31, 2020.

BTC/USD Retraces

Bitcoin popped nearly 5 percent following Square’s investment, hitting an intraday high of $51,398 before correcting lower modestly ahead of the European session. The cryptocurrency majorly held onto the support levels near its 20-day exponential moving average (green wave) that further underpinned its recovery after two days of relentless sell-offs.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin rebounds after Square reveal its additional BTC investments. Source: BTCUSD on TradingView.com

The price retracement appeared on the prospects that high-profile investments into the Bitcoin space would propel more corporates into buying the cryptocurrency. What would compel them is higher inflation and an overly devalued US dollar caused by the Federal Reserve’s ultra dovish monetary policies and the US government’s expansive stimulus packages.

Bitcoin Liquidity Crisis

Vijay Boyapati, a long-term bitcoin supporter, noted that—if not for new buyers—companies that remain exposed to the cryptocurrency’s market would accumulate more of it in the future as their cash reserves erode.

“It’s important to understand that these purchases, as with MicroStrategy, are not one-time,” he said earlier Wednesday. “They’re a trend in allocating a portion of all future cash flow to Bitcoin, which will slowly but surely absorb the tradeable supply and drive the price higher.”

Ben Lilly, a crypto economist, also discussed the ongoing liquidity crisis in the Bitcoin market in one of his recent newsletters. The analyst noted that companies including Tesla, MicroStrategy, Grayscale Investments, Square, and others had accumulated more bitcoin tokens in the recent months than the miners produced.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Grayscale Investments have continued its bitcoin purchasing spree into the new year, reflecting higher institutional demand. Source: ByBt.com

He added that retail traders had treated the high-profile BTC accumulation as a cue to become holders. That was visible in the massive BTC withdrawals from all exchanges in recent months, pointing to traders’ willingness to trade less and hold more. Meanwhile, many put their bitcoin into decentralized finance pools as collateral to earn yields.

“Bitcoin were, and still are, leaving exchanges by the bucket load,” Mr. Lilly noted last week. “In effect, this means the amount of bitcoin available for willing buyers is drying up. Which in turn creates scarcity, demand pressure… And the reason many of us are here: higher prices.”





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: 170MaheadBitcoinboomBTCBuysPayPalReboundsRival
Next Post
Bitcoin Fractal Sees BTC/USD Hitting $35-40K Before Resuming Bull Run

Bitcoin Fractal Sees BTC/USD Hitting $35-40K Before Resuming Bull Run

$6000 Crypto Miner Earned $1700 in 60 days or 0.17 Bitcoin | Kirinminer 2 Month Update Review

$6000 Crypto Miner Earned $1700 in 60 days or 0.17 Bitcoin | Kirinminer 2 Month Update Review

Don't Miss

BUY & SELL BITCOIN ON PAYPAL, WTF?? BIGGEST CRYPTO NEWS OF 2020!!! You Have to See This!!!
Cryptocurrency Videos

BUY & SELL BITCOIN ON PAYPAL, WTF?? BIGGEST CRYPTO NEWS OF 2020!!! You Have to See This!!!

by Lascena Cryptocurrency News Education
February 25, 2021
0

Buy and sell Bitcoin on Paypal? WTF? This may be the biggest crypto news of 2020! 👀 BLOCKFI ►► https://cryptolark.co/BLOCKFILARK...

Read more
XRP Ripple IT’S HAPPENING!!! “The Next Epidemic!” | Bill Gates

XRP Ripple IT’S HAPPENING!!! “The Next Epidemic!” | Bill Gates

February 25, 2021
REVEALED: How Hollywood Greenlit The ‘Bitcoin Billionaires’ Movie | Ben Mezrich Interview

REVEALED: How Hollywood Greenlit The ‘Bitcoin Billionaires’ Movie | Ben Mezrich Interview

February 25, 2021
Antminer S17’s Replaces Antminer S9 as THE Bitcoin Miner | Antminer S17E Review, Setup, and Profits!

Antminer S17’s Replaces Antminer S9 as THE Bitcoin Miner | Antminer S17E Review, Setup, and Profits!

February 25, 2021
Fractal From Last Bull Run Says Bitcoin Will Hit $100K By May

Fractal From Last Bull Run Says Bitcoin Will Hit $100K By May

February 25, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$47,516.00-6.58%
  • ethereumEthereum(ETH)$1,502.54-9.21%
  • Binance CoinBinance Coin(BNB)$235.00-9.81%
  • tetherTether(USDT)$1.010.53%
  • cardanoCardano(ADA)$1.093.73%
  • PolkadotPolkadot(DOT)$31.76-8.24%
  • rippleXRP(XRP)$0.440869-8.46%
  • litecoinLitecoin(LTC)$177.98-4.01%
  • chainlinkChainlink(LINK)$25.21-11.35%
  • bitcoin-cashBitcoin Cash(BCH)$495.09-9.06%