Square reported that BTC sales in the Cash App for the first quarter of 2020 increased by 72% compared to the previous quarter and reached $306 million.
Compared to Q1 2019, sales increased immediately by 367%. At the same time, the profit from BTC sales in the first quarter of 2020 increased by 90% and amounted to $6.7 million. It should be noted that for the whole 2019 Square sold BTC through Cash App for about $500 million.
According to the company’s quarterly report, much of the sales were made in April:
“In April, Cash App recorded a significant increase in revenue and gross profit year-on-year. This month was the best one for attracting new clients, peer-to-peer exchange, Bitcoin trading volume, and many other parameters,” the report says.
Last month, Square allowed customers to receive money directly into their wallets. After that, there was a significant growth of funds on the balance sheets of Cash App users – by the end of April, the total volume reached $1.3 billion. Also, the volume of BTC trading could have been affected by the distribution of cheques by the U.S. government as part of the COVID-19 pandemic assistance.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin rose to the resistance level of $9,400. Now, it is $9,290. In the future, we predict an upward price movement. The nearest resistance levels are $9,400, $9,450, $10,000. The nearest support levels are $9,200, $9,000, $8,600, $8,150, $7,900, $7,600, $7,500.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum rose to the resistance level of $210. Now, it is $205. In the future, we predict an upward price movement. The nearest resistance levels are $205, $210, $215, $225, $245. The nearest support levels are $200, $198, $193, $189, $186, $183, $178, $174, $169, $166, $157, $161.
Technical analysis of Ripple (XRP):
Over the past day, the ripple price rose to the resistance level of $0.2220. Now, it is $0.2140. In the future, we predict an upward price movement. The nearest resistance levels are $0.22, $0.23, and $0.2350. The nearest support levels are $0.2150, $0.21, $0.2050, $0.19, $0.1820.
