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New Report Suggests $1 Billion in BTC Revenue for Square in 2021

Square has made quite a name for itself in the bitcoin space these past few years. The company – along with its bearded CEO Jack Dorsey – has repeatedly served as an advocate for the world’s number one cryptocurrency by market cap, going so far as to purchase roughly $50 million in BTC last October

The post New Report Suggests $1 Billion in BTC Revenue for Square in 2021 appeared first on Live Bitcoin News.

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Square has made quite a name for itself in the bitcoin space these past few years. The company – along with its bearded CEO Jack Dorsey – has repeatedly served as an advocate for the world’s number one cryptocurrency by market cap, going so far as to purchase roughly $50 million in BTC last October and serving as one of the few institutional platforms to come out and offer its support publicly.

Square Is Set to Make a Lot of BTC-Related Dough

It can be argued that Square contributed to the trend that ultimately saw firms such as MassMutual and Stone Ridge begin buying up as much bitcoin as they could.

The company has also generated quite a bit of bitcoin business and revenue over the years, with 2020 being its biggest 12-month period to date. The firm made as much as $110 million through BTC trades in 2020, but this could be small beans should the world’s leading digital asset decide to cross the line into six-figure territory.

According to a new report by Mizuho Securities, should bitcoin ever reach the $100,000-mark, Square could easily attract as much as $1 billion in bitcoin revenue, making it one of the largest digital currency payment firms to date. This would mean that the company would garner as much as nine times the income it earned over the past 12 months.

Right now, bitcoin is trading for just over $39,000, which is a slight pullback from the $40,000 it reached during the early morning hours. Thus far, the currency has added about $10,000 to its price in just the last month alone, and many analysts share the same sentiment that bitcoin’s bull run is nowhere near complete. Thus, bitcoin is likely to grow even further throughout the year, and things could potentially take a real solid turn for enterprises such as Square.

At the time of writing, the entire crypto space is worth more than $1 trillion for the first time in its short, yet significant history, making it truly comparable to markets like gold.

At the same time, even if bitcoin doesn’t reach this pinnacle in the time allotted, Square is still set to benefit through its cash app. Granted bitcoin falls lower, this isn’t likely to affect Square much unless customers themselves decide they want nothing to do with BTC anymore.

The Cash App Is the Clincher

Case in point: during the last half of 2019, bitcoin fell from about $10,000 to $8,000 within a relatively short frame. Despite this drop, profits related to BTC transactions through Square rose from about $2 million to nearly $7 million. Thus, should bitcoin remain popular amongst Square’s clients, the price of the currency isn’t likely to do much damage in the long run.

Mizuho states that should bitcoin end 2021 around where it is now, Square still stands to garner as much as $400 million in profits through BTC-related activity.

Tags: bitcoin, bitcoin price, Square Source: https://www.livebitcoinnews.com/new-report-suggests-1-billion-in-btc-revenue-for-square-in-2021/

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Justin Roiland’s tokenized Rick and Morty ‘crypto art’ sells for $150,000

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Animator and video producer Justin Roiland’s tokenized art piece has been sold for $150,000 in a silent auction on 19 January. The art work titled “First Rick and Morty Crypto Art” was sold on Nifty Gateway, a non-fungible token marketplace. 

The Rick and Morty co-creator’s art piece is a part of his collection dubbed “The Best I Could Do.” The crypto art collection also includes other works inspired by popular shows such as The Simpsons, as well as the Rick and Morty series, among others.  

At press time, there were about six hours left for Roiland’s The Smintons” auction. According to Nifty Gateway, all proceeds from this ongoing auction will go toward helping the Los Angeles homeless encampments. 

An early adopter of the leading asset, Roiland went public with his Bitcoin endorsement back in 2015.

However, this is his first venture into the NFT art sector—one that has a niche audience that propelled the market to fame after enthusiasts poured in huge amounts on crypto art.

On 14 January, Nifty Gateway welcomed Roiland for his first ever crypto art release. His entire collection went live on Tuesday, 19 January.

Nifty Gateway, which is owned by Gemini, crypto exchange facilitates a significant volume of NFT sales almost every day. According to the market place, a Star Wars-themed tokenized artwork sold for $777,777, last year in December, on the platform. 

Source: https://eng.ambcrypto.com/justin-roilands-tokenized-rick-and-morty-crypto-art-sells-for-150000

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After Notching A New All-Time High, Ethereum Is Now Eyeing $10,500: Fundstrat Financial Strategist

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After Notching A New All-Time High, Ethereum Is Now Eyeing $10,500: Fundstrat Financial Strategist

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Ethereum, the world’s second-largest cryptocurrency by market capitalization, has been blossoming with decentralized finance, better known as DeFi, and some market pundits believe the cryptocurrency could see further upside after recently hitting a new lifetime high. 

An analyst at leading market research firm Fundstrat Global Advisors, David Grider, says ETH could easily surge more than seven-fold to $10,500 by year-end, as reported by Bloomberg.

Fundstrat Issues A $10,500 Target On ETH

Only four weeks after bitcoin (BTC) crossed past its old record high registered back in December 2017, the price of ethereum clocked a new all-time high on Tuesday. The cryptocurrency rallied past $1,400 after breaking out of a week-long consolidation period.

Now, the second-biggest crypto could advance further to make a new all-time high of $10,500. Grider’s target is based on the popularized DeFi sector that makes it possible for people to lend and borrow without the complexities of a third party. DeFi, in particular, makes a very strong case for the real-world utility of the ethereum blockchain.

The strategist noted that “blockchain computing may be the future of the cloud.” He added that the ethereum cryptocurrency is currently “the best risk/reward investment play in crypto”. 

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The ethereum 2.0 network upgrade adds credence to the optimistic outlook. The blockchain recently transitioned smoothly to a Proof-of-Stake (PoS) consensus algorithm, an upgrade that promises high scalability and the ability to process awe-inspiring transactions just like card payment giants such as Mastercard and Visa, Grider observed.

The Beacon Chain went live early last month after months of delays. It should be noted that the launch set the stage for more transitions in the future that are aimed at making ethereum a blockchain network capable of supporting a new financial system. Grider believes that any delays to the forthcoming network upgrades could deal a heavy blow to the price of ethereum. Additionally, a crypto bear market could also pose a risk to his ETH rally forecast. 

What’s Next For Ethereum In The Short-term?

Ether has enjoyed a spectacular bull rally over the past couple of months. Its price rose from $305 lows in August 2020 to recently testing $1,437.

The price of ETH has, nevertheless, slipped since breaking records on Tuesday. The cryptocurrency is trading at $1,318.51 at press time, down 4.60% on the day.

After Notching A New All-Time High, Ethereum Is Now Eyeing $10,500: Fundstrat Financial Strategist
ETHUSD Chart By TradingView

ETH’s price trajectory in the short-term is largely dependent on the performance of the flagship cryptocurrency. This means that if BTC tumbles below the key $34K level, ETH and other altcoins may suffer a huge pullback. Similarly, if BTC recovers and soars to new highs, then ether and the altcoin market, in general, will likely start a fresh increase. 

Regardless, Fundstrat’s David Grider is confident that the world’s biggest altcoin is primed for massive gains in the course of 2021.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/after-notching-a-new-all-time-high-ethereum-is-now-eyeing-10500-fundstrat-financial-strategist/

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Miners Have Already Earned Over $700 Million In Bitcoin Revenue This Month

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Miners Have Already Earned Over $700 Million In Bitcoin Revenue This Month

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While Bitcoin does well in terms of price, mining operations seem to be gaining traction as well. BTC miners have already brought in upwards of $700 million in revenue between January 1st and January 20th this year. In fact, the real figure stands at around $728 million according to data compiled by The Block. That’s a pretty significant amount especially at a time when the mining reward is half of what it used to be after Bitcoin underwent a network miner’s reward halving back in May 2020.

Rising Figures

It’s notable that the January 2021 figure is higher compared to that of December 2021. In December, Bitcoin miners earned around $692 from their operations. That’s almost $40 million less than the current January figure. In that case, it’s fair to say that the Bitcoin market has been doing much better in January 2021 than it was back in December 2020.

Indeed, Bitcoin’s price has spiked by huge percentages since the start of 2021. Just a few days ago, the crypto posted a new all-time high of $41.9k. However, the top coin has since pulled back to post the current price of around $35k.

A lot of people, both enthusiasts and investors, have expressed extremely bullish sentiments for Bitcoin, with some saying that the crypto could soon top $100k. With the price spiking, Bitcoin’s trading volume and total market cap have also increased considerably. At the time of this writing, BTC trading volume stands at $64.6 billion with a total market cap of $646.9 million.

Demand For Mining Equipment 

The sharp rise of Bitcoin’s price has elicited a renewed driver by miners to acquire more and better mining hardware. It appears that there is a noticeable shortage of mining equipment and a lot of miners have resulted in re-engaging old machinery into their operations. The entry of some unexpected new mining-related ventures is also a notable effect.

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One of such is Galaxy Digital, an investment firm that is now partnering with a third party to run a mining rig. The firm is also offering financial services targeted at miners.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/miners-have-already-earned-over-700-million-in-bitcoin-revenue-this-month/

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