The price of Bitcoin (BTC) has jumped to over $10,700 following news of a $50 million investment by Square—a popular mobile payments company. Square used a total of one percent of its assets to purchase 4,709 Bitcoin—presumably to hodl for the long term.
Today's bullish activity is shown as a jutting green candle on the 24-hour chart, as Bitcoin climbed from $10,629 to its current price of $10,754 in the last 30 minutes. Overall, Bitcoin has now gained one percent in the last 24 hours and has almost recouped the losses incurred following a sudden sell-off on October 1.
Despite the sudden price uptick, Bitcoin trading volume is unphased by the news, with BTC currently clocking in around $18 billion in 24-hour volume.
Both Bitcoin Cash (BCH) and Bitcoin SV (BSV) have also seen a sudden price uptick in the last hour, with BCH climbing 5.4% to reach $231, while BSV is up 4.3% to reach $165.30. Both cryptocurrencies are up more than 10% in the last fortnight and are leading the top 10 cryptocurrencies in terms of 24-hour growth.
Most other altcoins are also in the green today, with an average gain of one percent across the board.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.