Bitcoin Price Breaks $11,000 After Square's Huge Endorsement

The price of Bitcoin has shot up since Square announced it was investing heavily into Bitcoin. It has now broken back above the $11,000 mark.

2 min read

Oct 9, 2020

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.

"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 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.

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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