Market Wrap: Bitcoin Surges on Square News to $10.9K; December Ether Options Pile Up

CoinDesk 20 Bitcoin Price Index

Bitcoin is flashing green as Square converts some of its cash to crypto while ether options traders are making lots of bets for December expiration.

  • Bitcoin (BTC) trading around $10,890 as of 20:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,532-$10,962
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin’s price popped Thursday, led higher almost immediately following the announcement that payments firm Square had invested $50 million to purchase 4,709 BTC. The development pushed the price per 1 BTC to as high as $10,962 before settling to $10,890 as of press time. 

Read More: Square Puts 1% of Total Assets in Bitcoin in Surprise $50M Investment

Related: The Market Reacts to Square’s $50M Bitcoin Buy

“News that Jack Dorsey’s Square has purchased about $50 million worth of bitcoin is a definite positive that appears to have

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Square backs cryptocurrency, buys $50 million in bitcoin

Over the years, billionaire entrepreneur Jack Dorsey has cultivated a reputation as one of the more unconventional leaders in business, with his daily ice baths, weekend fasts, and devotion to Stoic philosophy.

Now his company Square is following in his footsteps with an unconventional investment. The Silicon Valley-based payments platform is buying 4,709 bitcoins—worth $50 million, or roughly 1% of Square’s total assets.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a statement Thursday.

Although unusual, the investment isn’t hugely surprising, as it was likely driven by Square founder and CEO Dorsey—who’s been a vocal advocate for cryptocurrency. In 2018, he told attendees at Consensus, an annual conference for cryptocurrency and blockchain enthusiasts, “The internet is going to have a native currency. So let’s

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Square buys $50 million in bitcoin as part of larger investment in cryptocurrency

Payments platform Square has purchased $50 million in bitcoin, part of its larger investment in cryptocurrency, the company announced on Thursday. Square bought a total of 4,709 bitcoins, which the company says represents about 1 percent of its total assets as of the end of the second quarter.

Square said it was making the purchase because it believes “bitcoin has the potential to be a more ubiquitous currency in the future,” calling cryptocurrency “an instrument of economic empowerment” that “provides a way for the world to participate in a global monetary system.” Square has accepted bitcoin as a form of payment since 2014.

Jack Dorsey, CEO of Twitter and Square, has long been a proponent of bitcoin, saying in 2018 that he believes it will eventually become the world’s single currency within the next decade. Dorsey, who also owns an undisclosed amount of bitcoin personally, said during an earnings call

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Victory Square Technologies Comments on Recent Promotional Activity Pursuant to OTC Markets Request

Not for distribution to Canadian Newswire Services or for Dissemination in Canada

VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square″) (CSE:VST) (OTC:VSQTF) (FWB:6F6), today announced that it has implemented an expanded shareholder communications initiative to provide greater transparency into the Company’s business plans and growth strategy.

“The Company plans to communicate more effectively with shareholders on an ongoing basis in order to supply relevant company information,” said Shafin Diamond Tejani, CEO of Victory Square. “With portfolio companies that are fast-paced and growing rapidly, we thought it prudent to communicate more regularly with our investor base,” added Mr. Tejani.

As part of its multi-channel approach, Victory Square presented at the LD 500 Virtual Conference hosted by LD Micro on September 2nd, will be presenting at the Proactive One2One Investor Forum on October 27th, and has engaged Electrik Dojo, LLC to increase brand visibility and

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Is Square a Buy Even If the Stock Market Crashes?

Square (NYSE: SQ) has been one of the top-performing stocks on the market in recent years. The mobile payment company’s stock price has returned more than 1,100% over the past five years, and this year it is up more than 150%. Square has been a growth machine, pandemic or no pandemic.

With such strong growth, it has attracted a lot of investors — and a lot of expectations. At Friday’s close, its price-to-earnings ratio was a ridiculously high 245 and its price-to-book-value an astronomic 34. Is Square primed for a correction if the tech bubble bursts? And if so, is it still a buy today?

Fair and Square

The technology sector has driven the resurgence of the stock market since its March lows. Stock prices have skyrocketed for many tech companies, particularly those, like Square, that have provided a critical service while businesses have shut down or scaled back during

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PayPal and Square Could Gain as EU Mulls iPhone Payments Rules

PayPal  (PYPL) – Get Report and Square  (SQ) – Get Report could be among the winners as the EU’s antitrust regulator mulls rules that could end Apple Pay’s monopoly on iPhone tap-to-pay services.

Following reports to the effect, the European Commission says it’s thinking about enacting rules that would give payment services a right of access to “infrastructure” such as the NFC chips placed within smartphones. These chips enable tap-to-pay services such as Apple Pay and Google Pay (formerly known as Android Pay).

The announcement arrives three months after the EC said it’s probing Apple’s  (AAPL) – Get Report App Store and Apple Pay policies.

In the case of Apple Pay, the EC said in June that it was concerned about Apple Pay being the only tap-to-pay solution allowed on iOS and iPadOS devices. The agency also said it was probing alleged restrictions on

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