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The TCOIN Token to Chart a New Course in the Tourism... African Founded Crypto Exchange, Quidax Partners With Popular Defi Platform, JulSwap. First Quarter Financial Metrics: Square Prior "peaks" in crowded trades (tech Sep'20 & Sep'18, US Treasuries Mar'20, US dollar Jan'17 & Feb'15) were associated with relative tops.’This isn’t the first time that the cryptocurrency topped the list. Add to this the looming threat of competition from legacy car companies and the pressures from a global semiconductor shortage, and it is not hard to see why Tesla is on pace to record the steepest monthly drop in its share price since May 2019.“The stories of the slowdown for Tesla’s China expansion should be a major point of caution for everyone,” Roth Capital Partners analyst Craig Irwin said, adding that investors “should be shocked Chinese media are showing video of the autopilot crashes, and the State is allowing wide sharing of these videos.”The whiplash in cryptocurrency prices caused by Musk’s tweets this month has had a boomerang effect on Tesla shares as well, sending jitters across technology-related assets.Tesla’s market capitalization currently hovers around $535 billion, a far cry from the $837 billion mark it touched on Jan. 26. )More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Crypto’s weak fundamentals mean investors should be prepared for more price swings, Luis de Guindos said. Bitcoin costs in the same period were $1.71 billion. Square Inc. reported a hefty pop in revenue in the first quarter because of bitcoin. Square's revenue growth in 2020 was almost completely driven by Bitcoin sales. While that’s worth a modest $27 million, it’s the first time the firm has purchased Tesla since April.Tesla has dropped 38% from its January peak as inflationary fears spur investors to sell expensive assets -- prompting Wood to demonstrate her propensity to enlarge Ark’s positions in favorite tech bets at market lows.The firm also recently bought Twitter Inc. amid its worst week since October. More than $300 billion has been wiped off the electric-vehicle maker’s market capitalization since late January, back when it was briefly bigger than social media giant Facebook Inc. The EV-maker’s retraction that it will accept Bitcoin as payment “was the catalyst that accelerated the spread consolidation. At 7:15 AM ET (1115 GMT), the Dow Futures contract was up 90 points, or 0.3%, S&P 500 Futures traded 11 points, or 0.3%, higher, and Nasdaq 100 Futures climbed 90 points, or 0.7%. Square’s Seller Ecosystem generated $987 million in revenue in the fourth quarter of 2020, up 5% compared to the fourth quarter of 2019. The Commission will present a plan on Tuesday including this proposal and other measures for adjusting the EU's business taxation to make it more up to date with the modern world, where cross-border business, often carried out via the Internet, is commonplace. Square’s Seller Ecosystem generated $987 million in revenue in the fourth … Square has made progressively strategic moves to become one of the major payment processors pioneers to accept Bitcoin transactions. JPMorgan advised Aramco on the deal and was one of two banks that helped it arrange a loan of more than $10 billion offered to the buyers, the people said.Given the size of the financing, EIG separately entered into a so-called swap deal with JPMorgan to guard against fluctuations in interest rates. Square reported $3.5 billion in Bitcoin revenue, 11 times what it made the previous year. Square CEO Jack Dorsey is also the CEO of Twitter. She noted that as highly volatile sectors in the stock market are selling off amid inflation fears, Bitcoin is dropping as well. The report explains: “Bitcoin revenue is the total sale amount of bitcoin to customers. Oh and by the way, the bull market had broadened out.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. (Bloomberg) -- Bombardier Inc. sold an additional $260 million of its 7.45% bonds due 2034 to an unidentified party in a move that will make it more difficult for creditors to trigger a default by arguing that the company’s divestitures ran afoul of investor debt protections.The buyer of the new notes owns a majority of the $510 million of 2034 securities and has agreed to approve certain covenant changes tied to the bonds, Bombardier said in an statement Tuesday. The move moderated to 5.4% as of 12:50 p.m. in New York. Wells Fargo Gets Into Crypto With Upcoming ‘Professionally Managed’ Cryptocurrency Investment, ‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries, Sony Files Patent for Bitcoin Wagering on Playstation and Other Consoles, Bitcoin Drops Below $40K, Crypto Economy Down 17%, Markets Lost $250 Billion Last Week, Polygon to Democratize NFT Interactions by Improving Approachability, Cuban Central Bank Issues Warning on the Rising Number of Crypto-Related Ponzi Cases, South African Crypto Holders Urged to Approach Tax Body Before It Descends on Them, Crypto Meets Chess in Coinbase Sponsored Cryptochamps Tournament, There’s Close to 300,000 Bitcoin-Pegged Tokens Hosted on ETH and BSC, Value Exceeds $12 Billion, Asset Managers UBS, Pimco, T. Rowe Price Caution of Cryptocurrency Investing, Expect Strict Regulations, Sweet Expands NFT Marketplace to Shopify Ecosystem. And Wood has been consistently adding cryptocurrency exchange Coinbase Global Inc., whose shares have been declining for much of the past month after rallying in its April IPO.Read more: Musk Splits From Cathie Wood’s Ark on Bitcoin Environmental CostSome of that retreat is likely down to Musk, who fueled a slump in the largest cryptocurrency after hitting out at the token’s high energy demands and reversing a decision to accept it as a form of payment.With Ark a big proponent of Bitcoin and a believer in its green credentials, it’s all adding to recent drama in the world of speculative tech. Square Inc. (NYSE: SQ) claims its Cash App generated $875 million in Bitcoin (BTC) revenue in 2nd Quarter 2020.Moreover, Square claims the Cash App’s Bitcoin revenues grew by 600% in Second Quarter 2020, Bitcoin.com reports. Jack Dorsey’s Square revenue increased by a massive 266 percent in the first quarter of 2021, thanks to the company’s bitcoin business.In an earnings call on May 7, Jack Dorsey made it clear that the company sees bitcoin (BTC) as the internet’s potential native currency and the team remains dedicated to making it happen. Breaching the 200-DMA could mean it drops to $30,000, where it’s previously found support.Read more: Bitcoin Chartists See Rout Worsening With $40,000 in FocusFor Stephane Ouellette, chief executive and co-founder of FRNT Financial, the moves have more to do with Musk’s recent tweets about Bitcoin.“TSLA’s entrance into the space saw some of the most aggressive BTC buying I’ve personally ever seen -- and it has to unwind,” Ouellette said. “In the second quarter of 2020, we saw year-over-year and quarter-over-quarter increases in volume per active customer across our Cash App ecosystem, including peer-to-peer payments, Instant Deposit, Cash Card, bitcoin investing, and stock brokerage,” Square wrote, adding: We believe this uplift was partly driven by government stimulus programs. Its gross profit, including from its bitcoin business, rose 28% year over year to $597 million. “It does look like that the new majority investor giving consent should address possible default claims.”Bombardier said in a May 3 statement that it believes the covenant violation accusation is “without merit” but “determined that initiating the consent solicitations is the most expedient and efficient path to maintain value and protect the corporation and its stakeholders.”The aircraft maker needs approval from holders of more than 50% of each of its U.S. dollar bonds. This provides a great opportunity for China to promote wider use of the yuan, he said.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Bombardier is in the process of getting investor approvals to amend terms of eight bonds after it received a letter from a holder of the 2034 notes that argued sales of assets including its transportation business, regional jet program and aerostructures division constituted a breach of certain covenants.“The new investor is acting as a white knight here,” Covenant Review analyst Alexander Diaz-Matos said in emailed reply to questions. (Bloomberg) -- Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China conveyed a statement reiterating that digital tokens can’t be used as a form of payment.The largest token fell below $40,000 for the first time since early February, dropping as much as 10% to $38,973 on Wednesday and continuing a weeklong slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc.’s holdings of the coin. Headquartered in San-Francisco, Square Inc. is listed on the NYSE under the ticker symbol SQ. That’s a really great time to buy no matter what the asset is.”Wood has consistently loaded up on shares of Coinbase Global Inc. in the past two weeks as the cryptocurrency exchange has dipped below its April direct listing reference price and to a record low on Wednesday.In the interview, Wood also addressed the prospects for a Bitcoin exchange-traded fund to be approved in the U.S. this year, which appears to some less likely after a string of comments from regulators. Square's Cash App generated $3.51 billion of bitcoin revenue in the first quarter of 2021, according to a shareholder letter published Thursday. The price of bitcoin is now down more than 30% so far in May, on track for its worst month since November 2018. He cited the fact the yuan has weakened past 7 per U.S. dollar -- previously seen as an important psychological threshold -- in the past two years, and said it’s one of the more volatile major currencies in the world.The yuan will appreciate against the U.S. dollar in the long term as a result of China’s continued economic growth and the rising purchasing power of the currency, as well as the Federal Reserve’s repeated monetary easing, according to the speech. Its gross profit, including from its bitcoin business, rose 28% year over year to $597 million. The onshore yuan advanced to its strongest level since 2018 last week, even though the PBOC tried to moderate the gains by setting the daily fix at a weaker-than-expected level.The U.S. has abused its power to carry out sanctions through the dollar’s dominance in global payments and settlements, and more countries and market entities are hoping to reduce their reliance on the dollar, Zhou said. It last traded just below $38,000.“We go through soul searching times like this and scrape the models, and yes our conviction is just as high,” she said.Although Elon Musk has soured on Bitcoin due to its environmental impact, Wood said once renewables are incorporated into the Bitcoin mining technology, like she expects, “Elon will come back and be part of that ecosystem.”Musk’s quick change in opinion on the largest cryptocurrency may have been caused by pushback from institutional shareholders like BlackRock, she said.Despite her long-term conviction, Bitcoin and other digital coins may face more pain before mounting a comeback.“You never know how low is low when a market gets very emotional,” she said. The deal is aimed at stopping governments competing with each other through lowering tax rates to attract investment and at creating a way to tax profits in countries where the customers are rather than where a company sets up its office for tax purposes. Excluding bitcoin, Cash App revenue was still strong for the fourth quarter at $416 million and $1.4 billion for the full year of 2020, up 127% and 137% year-over-year, respectively. Samsung Adds Support for Hardware Wallets on Galaxy Smartphones. The Cash App ecosystem generated approximately 80% of Square's $5.06 billion in revenue for the quarter, with bitcoin trading contributing $3.5 billion, or 70% of the total. Square (SQ) demonstrates that Fintech companies can make money from cryptocurrencies. “I think we’re in a capitulation phase. It has now erased about two-thirds of its value from its February high.Amid other crypto-connected stocks, Marathon Digital Holdings Inc. fell 6.4%, Riot Blockchain Inc. slid 4.8% and Bit Digital Inc. was down 16%. Top asset manager BlackRock could determine the outcome of a proxy fight between Exxon Mobil and a hedge fund seeking to reshape the oil giant's board and future direction. “It’s often driven by tweets rather than fundamentals.”Before this month’s roller-coaster, the widespread adoption of crypto had been on an upswing, with Tesla’s $1.5 billion purchase of Bitcoin in February a watershed moment. Square raked in $4.57 billion in bitcoin revenue in 2020, with $97 million of that going to the company in gross profit, according to the company’s earnings report filed with the U.S. Securities and Exchange Commission (SEC). Related: Chainlink Promises '10x Data' With New 'Off-Chain Reporting' Overhaul. “The odds are going up now that we have had this correction,” she said.Although her funds have taken a hit this year, with her flagship Ark Innovation ETF down more than 34% from its high in February, the firm’s product line-up hasn’t yet faced a monthly outflow, she said.“There were a lot of commentators out there, shall I say, screaming about how our ETFs would have to shut down, which is impossible,” she said.In fact, the move toward value sectors that’s caused her funds to suffer is encouraging to her.“The forces that the coronavirus put in motion supporting all of the innovation in which we invest, they’re not looking back,” she said. JPMorgan hasn’t yet booked the profits on the hedging transaction, and the size of the return could still change, the people said.Representatives for Aramco and JPMorgan declined to comment, while a spokesperson of EIG didn’t immediately provide comment.Bespoke hedges have long offered profits to Wall Street firms that can outstrip those from lending or advising on deals, though they can also prompt unhappy clients if gains get too large. In March of 2017, square made its first move into crypto payments. Payments company Square, Inc. beat analysts' earnings estimates yesterday for its fourth quarter performance and boosted its Bitcoin holdings, but its stock fell anyway on a revenue miss. In its earnings release the company added: “The increase was due to the market price of bitcoin, growth in the number of active bitcoin customers, as well as volume per customer. After the pullback, the token now trades around $43,000 and some analysts say the market still looks precarious, especially as the fate of Bitcoin becomes tied to Musk’s Twitter outbursts.“I would definitely expect reduced appetite going forward,” said Felix Dian, founder of crypto-focused MVPQ Capital in London, which counts 70% of its investors as institutions. Square reported bitcoin revenues of $178 million between Nov. 1 and Dec. 31, 2019, with profits of $3 million, up 50 percent over the prior two quarters. Goldman Sachs Group Inc. and Morgan Stanley also announced plans to offer their clients exposure to crypto.With hordes of new retail and institutional investors piling in, prices shot up from $29,000 in January and reached $60,000 last month. In addition, Square’s bitcoin revenue represents about 54% of the company’s net revenue of $3.03 billion according to its consolidated earnings statement. The company’s net revenue, including bitcoin revenue, was $1.92 billion, an increase of 64% year over year. The answer is yes.”More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. (Bloomberg) -- In case there were any doubt about how hot Bitcoin or “crypto” is these days, look no further than the latest Bank of America fund manager survey.The poll, which captures 194 fund managers with $592 billion worth of AUM overall, says that “Long Bitcoin” is the most crowded trade in the world right now. Exxon's 12 directors are up for election on May 26, in a vote that offers a high profile test of BlackRock's approach to getting companies set a course to limit global warming to below 2 degrees Celsius by 2050. The $170 million purchase comes in addition to a $50 million bitcoin investment in October. But adding the mineral to a raft of curbs already in place on Australian commodities would be a risky move given near-record prices and China’s dependence on Australia’s high-quality supply for about two-thirds of its imports.“While an outright ban would be almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could yet happen,” Wood Mackenzie said in a recent note.Chinese industrial commodities prices powered on, meanwhile, recovering much of their poise after last week’s pullback.Citigroup said further gains for markets like steel, aluminum and coal are supported by solid demand and a policy agenda that includes “domestic production crackdowns for environmental, energy and safety control purposes,” according to a note from the bank.At the same time, an acceleration in credit tightening is unlikely in the foreseeable future after the central bank expressed only limited concern about the surge in commodities prices feeding through into CPI, Citigroup said.Otherwise, the day’s agenda is led by China’s agricultural imports for April. Square Inc. (NYSE: SQ) claims its Cash App generated $875 million in Bitcoin (BTC) revenue in 2nd Quarter 2020.Moreover, Square claims the Cash App’s Bitcoin revenues grew by 600% in Second Quarter 2020, Bitcoin.com reports. The app recorded a profit of $964 million overall in Q1 this year, compared to $539 million last year, which represents a growth of 79%. Excluding bitcoin, Cash App revenue was still strong for the fourth quarter at $416 million and $1.4 billion for the full year of 2020, up 127% and 137% year-over-year, respectively. The segment added some $4.2 billion to the topline compared … The high bitcoin revenue is partly due to the accounting method Square uses. In addition, Square’s bitcoin gross profit jumped 711%. Transaction-based revenue was $960 million, a 27% increase year-over-year, and subscription and services-based revenue was $558 million, up 88% from Q1 2020. Here's what some market participants say investors should do. Financial services and mobile payment company Square revealed that its Cash App generated $3.51 billion of Bitcoin revenue in Q1 of the year. “The mainstream adoption will come from institutional investors over time and regardless of Elon Musk.”Still, for all the eye-watering moves lately, Bitcoin is far less volatile than it used to be. (Bloomberg) -- Cathie Wood’s Ark Investment Management is buying the dip in Tesla Inc., sticking with high-conviction names and setting aside a big disagreement with Elon Musk over Bitcoin.Ark exchange-traded funds added more than 47,000 shares in the electric carmaker in the last trading session, according to data released late Tuesday. Coinbase reported “intermittent downtime” on its platform, before saying it had identified and fixed the issue while Binance, the world’s biggest cryptocurrency exchange, temporarily disabled Ethereum withdrawals citing network congestion.Bitcoin plunged as much as 31% and approached $30,000 before rebounding to about $40,000. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Purchases of corn, wheat and sorghum are likely to stay elevated, as China’s buying binge continues to help fuel a global grains rally.Events Today(All times Beijing unless noted otherwise. Square Inc. said it purchased $170 million in Bitcoin, further committing to the cryptocurrency and raising its holdings to about 5% of the company’s cash and equivalents. “So avoiding use of them in the country is essential to maintaining capital controls. Net income for the quarter was $39 million in Q1 2021 compared to a $106 million loss in Q1 2020.. CashApp, Square's peer-to-peer payment and investing application, generated $4.0 billion of revenue … It made a gross profit of $32 million from that figure. “They feel the market is over-hyped, there’s speculative trading, they’re looking out for the best interests of the people.”Beijing since 2017 has abolished initial coin offerings and clamped down on virtual currency trading within its borders, forcing many exchanges overseas. He made the comments at a forum on April 16, according to a transcript released by the forum organizer.The PBOC has made it clear it has stopped regular intervention and will let the market play a bigger role in deciding the exchange rate, Zhou said. The company attributed the increase to the bitcoin bull run and growth in the number of bitcoin customers and the volume of transactions per customer. While Tesla shares have retreated nearly 38% from that high, Facebook has advanced more than 9% over the same period, and the S&P 500 Index has gained 6%.Developments that last year helped propel the stock up almost 750%, such as a strong quarterly result and votes of confidence from major investors, are proving no match for the downward momentum in Tesla’s stock so far in 2021.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Crypto markets are in the midst of a substantial selloff that has shaken the conviction of some new investors in the nascent sector. The San Francisco payments giant reported on Tuesday that the revenue it made from selling bitcoin on Cash App contributed to “48% of total consolidated revenue in 2020, and 85% of the total increase in consolidated net revenues in 2020.”, Related: East Caribbean Central Bank Conducts 'Milestone' Retail Digital Currency Transaction. Square noted that it earns 2% on Bitcoin transactions and that its total profit from the cryptocurrency came to $75 million for the first quarter. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. “We’re looking at this saying: Alright, on sale. (Bloomberg) -- Coinbase Global Inc. pared some of its losses after earlier posting its biggest decline on record as Bitcoin rebounded, erasing a two-thirds of its plunge.The largest U.S. cryptocurrency exchange fell as much as 13% to a record low of $208 amid a broader rout in cryptocurrencies. On Tuesday, the enterprise-software company known for its bullish bets on cryptocurrencies disclosed that it bought another 229 Bitcoin, bringing its total to over 92,000. Year over year, that’s a 785% increase in bitcoin revenue. Samsung says that makes it easier for users to access their cryptocurrency ... read more. Square's extra-rapid growth will fade if Bitcoin stops fueling it. Now, his tweets are scaring them off.About a quarter of Bitcoin’s value has been wiped away in the span of a week, in part thanks to headspinning tweets from Musk on everything from Bitcoin’s toll on the environment to whether Dogecoin is the better digital currency. Square Inc. has reported a significant bitcoin revenue increase in the second quarter. The company has offices in the U.S., Canada, Japan, Australia, the U.K., and Ireland. “We’ve continued to see strong adoption, with 3 million customers [buying bitcoin] through the past year, and in January we saw 1 million new to bitcoin in just one month,” Ahuja said. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Square reported a year-end profit of $8 million on $516 million in yearly Bitcoin revenue. President Donald Trump signed this stimulus package into law in March. Bitcoin is a key part of the platform but a small part of its profits. Bitcoin revenue, which grew 785.2% compared to the previous year, generated the majority, or 48%, of Square's total revenue. Square has reported $1.63 billion in Bitcoin revenue from its Cash App for the third quarter. Analyst Kevin Rooke pointed out in a tweet that Square’s second-quarter bitcoin revenue was “almost 3x the volume of Q1 2020, and 25x more than Q1 2018 when bitcoin buying went live on the Cash App.”. It made a gross profit of $32 million from that figure. Square allows users to buy bitcoin … Square’s Cash App bitcoin sales revenue has increased by nearly 11x year-over-year in Q1 2021, according to a shareholder letter it recently released. Then over the weekend, little comments here and there have continued to confuse,” he said.Meanwhile, the latest Bank of America fund manager survey showed that “Long Bitcoin” is the most crowded trade in the world right now. Tesla was down 4.4%.Read more: Coinbase Plunges With Other Crypto Stocks Amid Bitcoin Rout“Wood is making her move once again when everyone else is looking elsewhere,” said James Pillow, managing director at Moors & Cabot Inc.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. (Bloomberg) -- Beijing threw the spotlight on trade tensions with its top commodities supplier, Australia, after the government’s economic planning agency said it’s looking to diversify China’s supply of iron ore.Chinese firms should boost domestic exploration for the steel-making input, widen their sources of imports, and explore overseas ore resources, the National Development and Reform Commission said at its monthly briefing.The NDRC also said Australia should stop damaging economic and trade cooperation with China and take measures to promote the healthy development of bilateral ties.Iron ore is Australia’s biggest export earner, and relations with Canberra have taken a turn for the worse in recent weeks. In the fourth quarter of last year, the company reported $1.76 billion in bitcoin revenue and $41 million in gross profit. Large-cap retailers Walmart (NYSE:WMT) and Home Depot (NYSE:HD) reported blowout first quarters, helped by the last round of stimulus checks that put more money in consumers' pockets, while Macy’s (NYSE:M) raised its forecast for annual sales and earnings, betting on pent-up demand as shoppers return to its stores. Square reported bitcoin revenues of $178 million between Nov. 1 and Dec. 31, 2019, with profits of $3 million, up 50 percent over the prior two quarters. A statement from the People’s Bank of China Tuesday reiterating that digital tokens can’t be used as a form of payment added to the selloff. The cryptocurrency has now erased nearly all the gains it made following Tesla Inc.’s Feb. 8 announcement that it would add the asset to its balance sheet. Square Cash App Bitcoin Revenues Swell 785% in 2020. The only tolerable digital currency to a government with strong capital controls is their own CBDC.”Many chartists and technical analysts are looking at Bitcoin’s 14-day Relative Strength Index (RSI), which entered oversold levels Tuesday, as well as the 200-day moving average around $39,800. Ethereum lost more than 40%, while Dogecoin declined 45%, before joining in Bitcoin’s rebound.Read more: Bitcoin Plunge Wipes $500 Billion From Value in Crypto RoutThe broader U.S. stock market also made up some ground with the S&P 500 Index down 0.8% and the Nasdaq 100 Index down 0.4% around midday after both lost more than 1.6% earlier in the session.MicroStrategy Inc. was down 6.1% after losing as much as 16% earlier. Square revealed that a portion of its customers “direct deposited these payments into their Cash App accounts.”. Bitcoin revenue, which grew 785.2% compared to the previous year, generated the majority, or 48%, of Square's total revenue. Silver, platinum and palladium fell. But Bitcoin profit totaled $75 million, or about 2% of revenue. A report suggests that if bitcoin hits $100,000 by the time the year ends, Square could wind up making more than $1 billion in BTC revenue. Square's extra-rapid growth will fade if Bitcoin stops fueling it. Square’s revenue for the quarter included $987 million from its seller business and $2.17 billion from the Cash App, which is where users can send … “In June, Cash App had more than 30 million monthly transacting active customers, with more than 7 million spending on Cash Card.” Noting that “Bitcoin revenue and gross profit benefited from an increase in bitcoin actives and growth in customer demand,” Square’s report details: Cash App generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during the second quarter of 2020, up 600% and 711% year over year, respectively.

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