Square is reporting a surge in Bitcoin buys on its popular Cash App.
In the first quarter of 2019, the company’s sales of BTC to its mobile app users jumped 72% over the previous quarter, from 10,025 BTC to 17,269 BTC. The numbers are from January through March, and don’t include a likely boost in trading during Bitcoin’s big rise above $5,000 in early April.
The company reports adjusted revenues at $489.05 million, up 59.4% year over year and up 5.3% from the previous quarter.
Crypto analysts are taking a look at the historic rise in Bitcoin sales on Cash App over the past year in order to gauge where things may head in the next two quarters.
If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15
— Yassine Elmandjra (@yassineARK) May 1, 2019
Right now, the crypto markets are
Technical analysts are split on altcoins, with CoinDesk’s Omkar Godbole outlining three hurdles in the way of a Bitcoin rally to $6K.
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FXStreet – ETH/USD recovery capped by $166.50 barrier
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FXStreet – XRP/USD troubling triangular structure
Blockonomi – Likely development of Litecoin’s 5th wave
Crypto Daily – LTC/USD trying to establish a base above its 50-bar MA
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