Category: Cryptocurrency News

Jack Dorsey’s Square made more than 90% more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services.

A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this always “ends in tears.” Bitcoin as a Medium of Exchange Interestingly, when addressing attendees of […]

Nigerians are still hungry for crypto despite the central bank’s efforts to quash it.

Ethereum outperformed bitcoin and rallied above the $2,550 resistance against the US Dollar. ETH price tested $2,700 and it is now correcting gains. Ethereum rallied towards the $2,700 level before it started a downside correction. The price is still trading above $2,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to start a fresh increase from $2,500 or $2,450 in the near term. Ethereum Price is Correcting Gains Ethereum formed a support base above $2,400 and started a fresh increase, outpacing bitcoin. ETH price gained strength and it broke the main $2,500 and $2,550 resistance levels. The price even surged above the $2,600 level and the 100 hourly simple moving average. It opened the doors for more gains and the price traded as high as $2,700 level. It is now correcting gains from the $2,700 resistance zone. There was a break below the $2,620 and $2,600 support level. A low is formed near $2,508 and the price is now consolidating. Ether is testing the 23.6% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high. There is also a major bullish trend line forming with support near $2,450 on the hourly chart of ETH/USD. On the upside, the first key resistance is near the $2,600 level. It is near the 50% Fib retracement level of the recent decline from the $2,700 swing high to $2,508 high. Source: ETHUSD on TradingView.com The main resistance is now forming near the $2,630 level. A clear break and close above $2,630 might start another steady increase. In the stated case, the price could easily rise towards the $2,700 level. The next key resistance is near the $2,780 level, above which the price might test $2,880 in the near term. More Gains in ETH? If ethereum fails to continue higher above $2,600, it could extend its decline. An immediate support on the downside is near the $2,510 level. The first major support is near the $2,500 and $2,480 levels. The next key support is near the $2,450 level and the 100 hourly simple moving average. A clear downside break below the $2,450 support zone could lead the price towards the $2,320 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone. Hourly RSI – The RSI for ETH/USD is now close to the 50 level. Major Support Level – $2,500 Major Resistance Level – $2,630

PRESS RELEASE. Binstarter Protocol; the first and only Insurance Policy Protected IDO Launchpad Protocol is proud to announce to the crypto world that their highly anticipated public sales date has been scheduled on Aug 4th. According to former data collected on the seed sales, the upcoming public sales will have the biggest number of participants. […]

Square has had a busy weekend. The company made headlines for it’s purchase of Australia-based fintech firm, Afterpay, in an all-stock deal. Square then went on to release it’s Q2 2021 Shareholder Letter, filled to the brim with company insights – including some strong growth numbers in crypto transactions on Square’s mobile product, Cash App. Breaking Down The Numbers Square’s gross profit in Q2 was a healthy $546M, reflecting a 91% increase year-over-year. Bitcoin gross profit on Cash App specifically accounted for roughly 10% that, coming in at around $55M; this reflected a substantial increase from the $17M in bitcoin gross revenues that the company saw in Q2 last year. Bitcoin yearly revenue saw exceptional jumps as well, rising over 200% to ring in $2.72B. This time last year that number was at $875M. While some may call out the relatively thin margin of gross profit relative to revenues, Square maintains that driving company profits from bitcoin transactions are clearly low-priority. Bitcoin gross profits reflected only roughly 2% of bitcoin revenues for Cash App in Q2. In fact, the company explicitly calls out net revenues exclusive of bitcoin transactions. According to the shareholder report, Square deducts bitcoin revenue because their “role is to facilitate customers’ access to bitcoin.” The company is seemingly playing the “long game” with crypto, encouraging accessibility and minimizing fees. Square has seen substantial growth and with new acquisitions, looks primed for future fintech disruption. | Source: NYSE: SQ on TradingView.com Related Reading | TA: Bitcoin Corrects Gains, Why BTC Must Could Extend Losses It’s Not All Green Days Despite substantial growth from the reported numbers year-over-year, bitcoin’s price has seen declines relative to the first quarter of the year. As such, both bitcoin revenue and gross profit from bitcoin for Cash App saw declines relative to Q1 2021 – as Cash App only charges a small margin on the market cost of bitcoin. Accordingly, the letter notes that bitcoin price volatility in the quarters ahead, along with changes in customer demand, will likely continue to impact Cash App profits and revenues from crypto. Additionally, Square has purchased $220M worth of bitcoin between Q4 2020 and Q1 2021. Because bitcoin is considered an “indefinite-lived intangible asset”, the company recognized a $45M impairment loss on the quarter on the firm’s bitcoin investment. In all, Cash App’s continued success beyond bitcoin will likely bode well for the company’s crypto engagement, too. Cash App revenue excluding bitcoin in Q2 came in at around $600M – an increase of 87% year-over-year. Square’s broader Q2 numbers showed strong growth as well, with the quarter being the second-best in the past 5 quarters with regards to net income. There is clearly more growth on the horizon when it comes to Jack Dorsey-led Square. Related Reading | Bear Market Over? Why Bitcoin Could Soar TO $45K As Strong Holders Grow Featured image from Pixabay, Charts from TradingView.com

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Anything that we need to know about the Ethereum London Hardfork as an ETH holder? submitted by /u/RepresentativeAd1254 [link] [comments]