After weeks of repeated swings, which involved several highs and lows, Bitcoin has crossed the $11,000 mark. Bitcoin climbed up to $11,118 before losing some of its steam and trickled down again, according to data from Bitstamp. CoinMarketCap currently shows that Bitcoin is trading at $11,087, after climbing 3.28% in the last 24 hours, and 5.3% in the last seven days.
The Bitcoin pump has largely been traced to a recent announcement by the Square payments app. Led by Jack Dorsey, Square announced that it purchased 4,709 BTC at an average price of $10,600 per Bitcoin. Square splashed $50 million on the purchase, which represents 1% of the payment firm’s total assets as of the second quarter of 2020.
Square said that it strongly supports Bitcoin as the king coin will be a powerful tool in the global financial system sometime in the near future. The company’s Chief Financial Officer, Amrita Ahuja, said Bitcoin would become a “more ubiquitous currency,” and the investment is a “step on that journey.”
Quite a few Bitcoin bears apparently believed that the market’s enthusiastic response to Square’s news will not last long. However, as this didn’t happen, Bybt data shows that traders have liquidated $50.56 million worth of Bitcoin shorts today, within an hour.
Image Credits: Pixabay
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