Square Cash App massive profits to Tether $17 billion market cap, read today’s Top 5 Crypto News
1) Square’s Cash App Bitcoin revenue leaves behind all the other sources for the third quarter.
Cash App, a mobile payment service developed by Square has announced that for third-quarter Bitcoin(BTC) revenue of $1.63 billion makes 80% of the total revenue generated by the company ($2 billion). The app provides the option to buying, holding and selling Bitcoin. The gross profit from the Bitcoin revenue is $32 million which is 15 times more than last year’s third-quarter gross profit of $2.1 million.
2) Director-general for NITDA wants to incorporate blockchain technology to generate revenue of $10 billion in the next 10 years.
Kashifu Inuwa, director-general for Nigeria’s National Information Technology Development Agency(NITDA) at a meeting organized in Abuja, Nigeria’s capital said
We want Nigeria to be strategically placed to capture value from this economic potential of blockchain,Looking at our youthful population, which is mainly digitally native and with our position in Africa, we are looking at how we can get at least around six to 10 billion dollars by the year 2030.
Inuwa also added
Blockchain is going to play a key role in terms of creating, tracing products and services.We see the need for us to position our country well so we can capture value from the blockchain.
3) According to Tether transparency data its market cap rises above $17 billion.
In 2020, we have seen exponential growth in the market cap of the tether and now for the first high Tether’s official transparency data has declared that the market cap has reached above $17 billion. Tether, the largest stable coin in the crypto market has seen a drastic increase in market cap of $5 billion in the last 3 months.
4) Bitcoin trading increase in CME futures contract during the U.S. presidential election.
The spokesperson of the CME Group said
Overnight, before 9:00am NYT over 6,700 Bitcoin futures contracts traded (33,500 equivalent Bitcoin), 75% more than what has been observed YTD [year-to-date] and more than double the volume observed since launch,
The spokesperson also clarified that this 75% more than the average engagement of the Chicago Mercantile Exchange (CME).
5) As Bitcoin’s price is increasing its mining is getting profitable.
There has been a spike in BTC miner revenue due to the doubling of Bitcoin price since May 2020. Another reason for this increase is the 200% increase in the traction fee of Bitcoin. BTC miners revenue has taken off to levels not seen since Bitcoin’s third halving in May 2020 when the miner block reward was decreased from 12.5 BTC to 6.25 BTC as reported by Blockchain .com.
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