Bitcoin Nears $40k, Terra Soars 50% And Dorsey’s Cash App Generates Billions In Crypto Payments

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Last Updated on 26 February 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin neared the $40k level again and has clearly shot back up after dropping to $35k earlier this week when Russia invaded Ukraine. Just like US and European stock markets there is some short term momentum to the upside (the Nasdaq is up 4% since it low on Thursday), but it is at this point unclear how long this will last. A lot will depend on the developments in Ukraine this weekend.

A major development for Terra (LUNA) which has gained 50% in a week means it’s the best riser in the CoinMarketCap Top 100 at this point.

It comes as UST, Terra’s decentralized stablecoin whose value is pegged to the US dollar, has been able to secure $1 billion in private funding through sales of other coins. Major crypto firms like Jump Crypto, DeFiance Capital and Three Arrows Capital all participated, causing a jump in LUNA prices.

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Cash App makes Billions In Bitcoin

Jack Dorsey, the former Twitter CEO, was met with applause from Wall Street investors when he finally left the social media group a few months ago. The sheer delight of Wall Street for Dorsey’s departure from Twitter was because he had been unable to grow Twitter stock to the same heights as Facebook (now Meta), Amazon, Google and Apple since 2014 (the start of the so-called FAANG trade).

Dorsey has however proven to be a great businessman as his Cash App, the highly popular mobile payment service developed by Block (formerly Square), has become one of the most popular go-to place for young Americans to go and buy Bitcoin. Company statements show that Block company accrued $1.96 billion in Bitcoin revenue during the fourth quarter of 2021.

In all, Block generated $4.08 billion in net revenue throughout Q4.

Dorsey however still refuses to diversify into other crypto coins. He has been known to publicly criticize Ethereum and, more broadly, Web3 as a project controlled by Silicon Valley venture capitalists.