1. Bitcoin’s punishing sell-off appeared to decelerate as prices settled around $47,000, after the largest cryptocurrency by market capitalization logged its steepest two-day loss since March 2020 early Tuesday. Bitcoin (BTC) trading around $47,851.27 as of 21:00 UTC (4 p.m. ET). Slipping 11.72% over the previous 24 hours, which trading range was between $44,964.49-$55,053.91.
2. On February 23, the decentralized trading platform dYdX released a tweet stating that the trading volume of the platform reached 192 million US dollars that day, a record high. At the same time, the cumulative transaction volume of the platform exceeded US$5 billion, while at the beginning of this year, the data was only about US$2.5 billion.
3. According to BlockBeats news, on February 24, according to a corporate income report submitted to the US Securities and Exchange Commission (SEC) by Square, one of the US financial technology companies and mobile payment giants, Square’s Bitcoin revenue in 2020 was US$4.57 billion, of which US$97 million became the company’s Gross profit. Bitcoin revenue increased by 785% year-on-year. Square’s revenue from selling bitcoin on the Cash App contributed to “48% of 2020 consolidated total revenue and 85% of total consolidated net income increase”. In addition, Square announced on Tuesday that, following the purchase of Bitcoin in October last year, it will buy 3318 Bitcoins with USD 170 million at an average cost of approximately USD 51,235. According to previous disclosures, the company had purchased 4,709 BTC in October 2020, which was valued at 50 million U.S. dollars at the time. The current investment is worth 224 million U.S. dollars.
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