The price of Bitcoin has broken past the $11,000 mark just a day after payments company Square revealed it had bought $50 million of the digital currency. Its current price is $11,030, at time of writing.

Bitcoin is now up four percent in the last day, and its sudden rise is pushing the market up. Most cryptocurrencies in the top 100 have turned positive today, with some seeing even greater gains. The price of Chainlink (LINK) is back at $10, up 18% in the last day, while Polkadot (DOT) is now at $4.17, up 13% today.

The momentum kicked off yesterday when Square announced that it had invested one perecnt of its assets into Bitcoin. When the news was announced, the price of Bitcoin initially rose $100, before rising even higher—towards $10,900—later in the day.

Square Crypto is building on Bitcoin. Image: Shutterstock

Square Invests $50 Million in Bitcoin

Payments company Square has invested $50 million into Bitcoin, according to an announcement today. It has bought 4,709 Bitcoin, with one percent of the company's assets. “We believe that Bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s chief financial officer, Amrita Ahuja. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step o...

NewsBusiness
3 min read
Tim Copeland

"We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around the world to participate in a global monetary system and secure their own financial future," Square said, in its Bitcoin investment whitepaper.

As a result of the recent push, Bitcoin's market capmarket cap has retaken the $200 billion mark. It currently sits at $203 billion.

Despite the positive news, Bitcoin's daily trading volumes haven't seen much of a spike. While volumes have risen back up from $17 billion on October 3 to $22 billion yesterday—they're still tiny compared to September volumes as high as $54 billion.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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