Shares of several cryptocurrency-related companies soared on Tuesday as
Bitcoin (CRYPTO: BTC) posted a major recovery from a low of $49,506 on Monday to trade at $54,566.20 at press time.
What Happened: Bitcoin equipment manufacturer
Canaan Inc (NASDAQ:CAN) shares closed 50.45% higher at $28.69 and rose 3.87% to $29.80 in the after-hours session.
Sos Ltd (NYSE:SOS), which received cryptocurrency mining equipment ahead of schedule in February, saw shares spike 21.09% in regular trading to $6.66 and added 2.40% gains in the after-hours.
Colorado-based
Riot Blockchain Inc (NASDAQ:RIOT) jumped 33.81% in the regular session to $52.16 and rose 5.16% to $54.85 in after-hours trading. Riot is focused on BTC mining.
Ebang International Holdings Inc (NASDAQ:EBON) announced intent to foray into
Ethereum (ETH) on Sunday.
What Happened: The company’s cryptocurrency purchase is worth $25.98 million as of press time, when ETH traded 4.28% higher at $1727.92.
Additionally, the company said it also purchased 379.1214267 units of
Bitcoin (CRYPTO: BTC), worth $18.96 million, as of press time when BTC traded 1.43% higher at $50,011.39.
Meitu’s ETH and BTC purchases were made at an aggregate consideration of nearly US$22.1 million and US$17.9 million respectively.
Why It Matters: ETH could be headed for another sharp price spike as developers have agreed to move ahead with an update that would lead to a reduction in the number of tokens in use.
Share:
Tesla Inc (NASDAQ: TSLA) could create a “positive momentum” if its sold its
Bitcoin (CRYPTO: BTC) holdings and initiated a buyback of its stock, according to Gary Black, a private investor and former CEO of Aegon Asset Management.
What Happened: Black aired his views on social media Thursday in a series of tweets.
“Imagine the positive momentum [Tesla] would create if they announced the sale of their [Bitcoin] position, and authorized a [Tesla] stock buyback instead.” wrote Black.
The investor acknowledged that the prospect was “unlikely” but shareholders would support such a move.
Investors who say #btc has less risk than govt bonds or gold haven’t done their research. Govt bonds have ~2% risk, defined as monthly volatility of returns. Gold ~3% risk. US equities ~6% risk. #btc has ~20% risk, further out on the risk curve than almost any other asset class. pic.twitter.com/OjMyWYU0Oa
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Square announced an additional Bitcoin (BTC) purchase of $170 million buying the dips after BTC price crashed sub $46K levels on Tuesday in a marketwide correction.
As Bitcoin (BTC) enters a steep correction on Tuesday, February 23, big corporates jump in to make the most of the buying opportunity. Seizing once such opportunity, Jack Dorsey-backed Square Inc announced its fresh $170 million Bitcoin purchase.
Also, the recent announcement comes as part of Square unveiling its Q4 2020 results. The Square Cash App is quite popular among crypto investors and offers quite an intuitive interface to trade crypto. It turns out that more than 3 million customers trade Bitcoin last year in 2020. Also, over 1 million customers purchased Bitcoin (BTC) for the first time last month in January 2021.