The Bitcoin pump has largely been traced to a recent announcement by the Square payments app. Led by Jack Dorsey, Square announced that it purchased 4,709 BTC at an average price of $10,600 per Bitcoin. Square splashed $50 million on the purchase, which represents 1% of the payment firm’s total assets as of the second quarter of 2020.
Quite a few Bitcoin bears apparently believed that the market’s enthusiastic response to Square’s news will not last long. However, as this didn’t happen, Bybt data shows that traders have liquidated $50.56 million worth of Bitcoin shorts today, within an hour.
