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U.S. Treasury yields rise, Bitcoin dips

Anna B. — Fri, 05 Mar 2021 08:00:17 +0000

Bitcoin’s price has seen an over 4% dip in the past 24 hours, while Treasury yields keep rising. The U.S. Federal Reserve Chairman Gerome Powell noted that rising yields are increasing borrowing costs but has said the monetary policy of the central bank will remain, Decrypt reports.

According to MarketWatch.com, the 10-year Treasury note yield has increased to 1.541%, climbing 7.1 basis points. Decrypt says demand for credit is rising as people are looking forward to the easing of COVID-19 restrictions. The increase in Treasury yields led to a fall of stocks and bonds, especially tech companies’ stocks, and could signal inflation.

Bitcoin is trading at around $47,200 at the time of writing. Although the price dropped in the past 24 hours, the cryptocurrency is still trading higher than its seven-day low of $43,241. Apart from Bitcoin, Ethereum also fell by over 4%. Moreover, Litecoin’s price decreased by over 6%. At the same time, Binance Coin’s price fell by over 7% in the past 24 hours, as per CoinMarketCap.com data.

Amidst cryptocurrency price fluctuations, public figures continue expressing their opinions on Bitcoin. Mark Cuban in a recent Twitter exchange with Peter Schiff defended cryptocurrency when comparing it to gold. He said that crypto has more applications than this precious metal. In another story, Bill Gates commented on how the use of big amounts of electricity when mining Bitcoin is harmful to the environment.

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Square and MicroStrategy make additional investments in Bitcoin

Anna B. — Thu, 25 Feb 2021 07:00:00 +0000

Bitcoin investments by institutions are no longer a new thing. Ever since last year, companies have been investing large sums into the popular cryptocurrency. And now, when its price keeps going higher, investors show more interest. Several days after the news of Tesla buying Bitcoin worth $1.5 billion, Square and MicroStrategy decided to increase their investments.

According to MarketWatch, Square has recently purchased Bitcoin worth $170 million. The company’s revenues and the number of users of their Cash App increased amidst the interest of the public in cryptocurrency and equities trading.

Square bought Bitcoin previously in October 2020. According to the press release, back then, the company purchased about 4,709 Bitcoins, which were worth about $50 million. With the current purchase of about 3,318 Bitcoins, around 5% of Square’s cash, its equivalents, and securities are represented by the cryptocurrency, as per MarketWatch.

MicroStrategy purchased additional 19,452 Bitcoins worth about $1.026 billion, according to a press release. The size of this single cryptocurrency investment so far is only second to Tesla’s $1.5 billion purchase. The new investment brings the company’s cryptocurrency assets to about 90,531 BTC. The CEO, Michael J. Saylor, said that MicroStrategy would continue to use excess cash to purchase more Bitcoin, as per the press release.

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