The bitcoin price dropped in March due to the Coronavirus outburst with the cost of one BTC dipping to below $4,000. However, the last few months have seen the king coin correct its price as it steadily increases its value.
During the start of the first week of August, the price of bitcoin went up to $12,470 per bitcoin.
The cryptocurrency sector seems to be promising, as other altcoins also follow bitcoin’s trend. Therefore, it is no surprise that many stocks want to play a part in the surge of digital currency. Companies that have incorporated cryptocurrencies, including payment companies, computing companies, and cryptocurrency exchanges, look forward to reaping more profits as the crypto markets continue surging.
Cryptocurrency Surge Benefits Square Company
Square Company’s cash mobile wallet contributes to benefits from surge in cryptocurrency value. The company is reaping heavily and leading the way for people to purchase and sell bitcoins.
Square’s bitcoin revenue increased by 600% to $ 875 million, triggered by the increase of bitcoin traders and high demand for the cryptocurrency.
In the second quarter of 2020, more than 7 million people used a Cash Card, which is a debit card linked with Square’s cash wallet. Active cash mobile wallet users transacted a lot during that 2nd quarter of 2020, hence making Square company reap more profits.
Nvidia to Benefit From Ethereum Surge
The rise of ethereum price is causing a strain on the graphic processing units (GPUs) market because ethereum mining tools have reduced. Etherscan statistics show that Ethreum’s network hashrate went up by 25.7% since the start of January 2020. In June 2020, the ethereum hashrate was about 194 650 gigahash per second (GH/s)
Nvidia is planning to launch the next-generation version of RTX 30 series cards soon, following the scarcity of GPU miners. Providing GPUs will make more profits because of the company as it will sell GPUs at a higher price.
Scarcity of GPUs gets contributed by the fact that many people have gone to mining Ethereum because it takes about 200 days, compared to other cryptocurrencies, such as BTC, which takes about 600 days.
Bitcoin Halving Triggered CME Uptick
CME is the world’s leading financial derivative exchange that deals with various assets, including currencies, stock indexes, and even farm products. CME also offers future bitcoin contracts, and this happened at the beginning of the year, 2020. CME looks forward to reaping profits because cryptocurrencies are impressive to institutional investors.
CME experienced growth as 844 special accounts started trading bitcoins derivatives this year. As of May 2020, bitcoin future open interest over CME increased by 3000%. CME’s surge was triggered by bitcoin halving in May.