Square shares rose as much as 6% in after-hours trading Thursday after the company reported fiscal first-quarter earnings that blew past Wall Street’s expectations.
Here’s how the company did:
© Provided by CNBC The PayPal application on an Apple iPhone.
It is easier than ever to buy bitcoin. But be careful which platform you choose, because you may not actually own the bitcoin that you are buying.
Ethereum, the second-largest cryptocurrency by value after bitcoin, has broken away from the bitcoin price and surged higher in recent days.
The ethereum price has rocketed 30% over the last week, smashing through the closely-watched $3,000 level and taking its year-on-year gains to almost 1,500% — though it can’t compete with dogecoin’s rally.
As ethereum notches fresh price highs, investors have warned bitcoin is at risk of falling behind.
“The cryptocurrency space today looks very similar to the internet space in 1997,” Fahad Kamal, the chief investment officer at Société Générale’s U.K. private bank Kleinwort Hambros, told Business Insider.
Ethereum, the world’s second-largest cryptocurrency by market cap, topped $3,000 for the first time Sunday.
As of Sunday night, ethereum was at an all-time high of $3,035. Just a year ago, it traded for about $208 — an increase of 1,359%, according to data from Kraken. This year alone, ethereum is up 310%. Its price has surged 25% in the past seven days, and the digital asset now has a market cap of about $350 billion, according to CoinMarketCap.com.
The company’s earnings report revealed that it has already purchased more Bitcoin in the second quarter of 2021 and that it intends to continue to do so.
MicroStrategy announced its earnings today where it said that the company will continue to acquire even more Bitcoin in an effort to increase value for its shareholders. In the second quarter of 2021, the company purchased 253 Bitcoin for approximately $15 million. The company now holds approximately 91,579 Bitcoin, currently valued at around $5.1 billion, as of today.
Michael Burry expects the post-pandemic economic recovery and another round of stimulus to drive up prices and doesn’t see bitcoin or gold as guaranteed havens for investors.
“Prepare for #inflation,” the investor said in a now-deleted tweet on Thursday night. “Re-opening & stimulus on the way. Pre-COVID took $3 debt to create $1 GDP, and it is worse now. In an inflationary crisis, governments will move to squash competitors in the currency arena. $BTC #gold.”
Burry shot to fame after his billion-dollar bet against the US housing bubble was chronicled in the book and movie “The Big Short.” He also…
Bitcoin headed for its worst week in almost two months as a proposed capital-gains tax increase for wealthy Americans intensified the volatility whiplashing the world’s largest cryptocurrency.
A fresh bout of selling on Friday drove Bitcoin down as much as 7.9% to $47,525 — below its 100-day moving average — as it continued to take out key technical levels.
“People have been talking about the capital gains tax and U.S. stock-market selloff being the catalyst of this,” said Todd Morakis, co-founder of digital-finance product and service provider JST Capital. “If it is true we’ve moved too much — but once Bitcoin gets a head of steam it is tough to stop unless you are at a technical area.”
Bitcoin, after hitting a fresh all-time high last week, is showing signs of weakness (with some predicting bitcoin could be about to peak).
Now, with a sudden weekend sell-off leaving bitcoin traders and investors reeling, JPMorgan analysts have warned that if the bitcoin price doesn’t regain ground above $60,000 soon, bitcoin’s momentum signals will collapse.
The sudden sell-off came after a heady week of bitcoin and crypto hype surrounding the market debut of major U.S. exchange Coinbase that culminated with the price of dogecoin, a tongue-in-cheek alternative to bitcoin, soaring more than 400%.
Meanwhile, other Wall Street analysts have also…