{"id":187778,"date":"2021-02-24T17:03:46","date_gmt":"2021-02-24T14:03:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-rebounds-after-square-microstrategy-purchases\/"},"modified":"2021-02-24T17:03:46","modified_gmt":"2021-02-24T14:03:46","slug":"bitcoin-rebounds-after-square-microstrategy-purchases","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-rebounds-after-square-microstrategy-purchases\/","title":{"rendered":"#Bitcoin rebounds after Square, MicroStrategy purchases"},"content":{"rendered":"

“#Bitcoin rebounds after Square, MicroStrategy purchases<\/strong>”<\/p>\n

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Bitcoin climbed back above the $50,000 mark Wednesday after getting another vote of confidence from major companies not named Tesla. <\/p>\n

The world\u2019s biggest cryptocurrency recovered from its steep Tuesday plunge to trade up 4.1 percent at $50,710.12 as of 8:11 a.m. after climbing as high as $51,445.67 overnight, according to CoinDesk data<\/a>.<\/p>\n

The bounce came after digital payments firm Square announced that it bought some 3,318 bitcoins for a total of $170 million, adding to a $50 million purchase it made last year.<\/p>\n

The Cash App<\/a> owner \u2014\u00a0led by Twitter<\/a> CEO and crypto fan Jack Dorsey \u2014 said its bitcoin investment now represents about 5 percent of its corporate cash, cash equivalents and marketable securities.<\/p>\n

Business intelligence firm MicroStrategy \u2014 an early corporate backer of bitcoin \u2014 also announced Wednesday that it had bought more than $1 billion worth of the digital currency, bringing its total bitcoin investment to about $2.2 billion.<\/p>\n

The firms doubled down on their bitcoin bets despite the cryptocurrency\u2019s wild volatility, which some experts think will keep other big companies away from the burgeoning crypto market.<\/p>\n

\"The
The Cash App owner \u2014 led by Twitter CEO and crypto fan Jack Dorsey \u2014 said its bitcoin investment now represents about 5 percent of its corporate cash.<\/figcaption>
Michael Reynolds\/Pool Photo via AP, File<\/span><\/figcaption><\/figure>\n

\u201cWe believe the internet needs a native currency, and we believe bitcoin is it,\u201d Dorsey said on the company\u2019s earnings call<\/a> Tuesday.<\/p>\n

Dorsey added that more than three million Cash App customers bought or sold bitcoin last year and more than a million purchased it for the first time in January alone.<\/p>\n

But Wall Street isn\u2019t so convinced. Square\u2019s stock price fell about 2.6 percent to $250.01 in premarket trading Wednesday after it revealed the bitcoin buy alongside a fourth-quarter earnings report that beat expectations for adjusted profits but missed estimates for revenues.<\/p>\n

Square\u2019s announcement came about two weeks after Tesla revealed it had bought $1.5 billion in bitcoin, which added fuel to the coin\u2019s staggering rally.<\/p>\n

But major cryptocurrencies tanked Tuesday after Tesla chief Elon Musk said he thought the prices of bitcoin and Ether, the second-largest coin by market value, \u201cseem high.\u201d The tumble also followed a warning from Treasury Secretary Janet Yellen that bitcoin was \u201cextremely inefficient\u201d and \u201chighly speculative.\u201d<\/p>\n

Bitcoin\u2019s value has still surged about 73 percent this year despite falling from its all-time high of $58,332.36, CoinDesk data show. It\u2019s gotten a boost from increased interest among institutional investors as well as large companies\u2019 growing support for cryptocurrency.<\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Bitcoin rebounds after Square, MicroStrategy purchases” Bitcoin climbed back above the $50,000 mark Wednesday after getting another vote of confidence from major companies not named Tesla. The world\u2019s biggest cryptocurrency recovered from its steep Tuesday plunge to trade up 4.1 percent at $50,710.12 as of 8:11 a.m. after climbing as high as $51,445.67 overnight, according…<\/p>\n","protected":false},"author":1,"featured_media":187779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/02\/bitcoin-climb-01.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,74927,94979,76127,73711,73952],"class_list":["post-187778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-square","tag-2-24-21","tag-cryptocurrency","tag-investments","tag-jack-dorsey"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=187778"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/187779"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=187778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=187778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=187778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}