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.