Bitcoin breaks $11,000

Leading crypto continues to enjoy its longest ever run above $10,000

Bitcoin surpassed $11,000 on Friday, at one point testing the monthly high of $1,110 achieved on 19 September.

The leading crypto has performed  well in the past two weeks, having begun the Autumn with a not insignificant drop from almost $12,000 to $10,000.

Square’s Thursday announcement that it had purchased 4709 BTC for around $50m (£38.6m, €42.5m) can be said to have buoyed Bitcoin. Between 1pm on Thursday and 1pm on Friday the crypto had jumped from $10,616 to $11,065.

The payments company founded by Twitter head and long-time Bitcoin enthusiast Jack Dorsey outlined its belief that “that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.”

The move followed in the footsteps of MicroStrategy, the business intelligence firm which has spent $425m on Bitcoin this year.

There is growing hope that these firms will set a precedent for other major corporations turning to Bitcoin as a useful diversification opportunity and hedge.

What is your sentiment on BTC/USD?

17307.10
Bullish
or
Bearish
Vote to see community's results!

The crypto is currently enjoying its longest period above $10,000 on record.

By late-afternoon Friday, Bitcoin stood up by 1.5 per cent at $11,058, a more than 54 per cent gain in the year to date.

FURTHER READING: Square buys $50m in Bitcoin

FURTHER READING: British firm is surprise entrant in TikTok takeover race

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image