Bitcoin: 3 Bullish Signs

August 6, 2020   Bitcoin

Bitcoin (BTC) is seeing a surge in interest this summer, as consumer awareness is reflected in unique network entities hitting more than two-year highs.

Unique entity growth mirrors 2017 bull run


More unique entities are joining the Bitcoin network as activity increasingly resembles the bull run to all-time highs in 2017. According to data from on-chain monitoring resource Glassnode, as of August 4, the average weekly new entity count has returned to 140,000, its highest since early 2018. New entities refer to wallet addresses, with Glassnode defining them as “a cluster of addresses that are controlled by the same network entity.”

Square shows “unbelievable” Bitcoin demand


Payment company Square hit almost $1 billion in Bitcoin revenues in Q2 — and it’s proof of a bull market, a famous commentator says. In its Q2 2020 shareholder letter this week, Square revealed quarterly BTC revenues of $875 million for its Cash App, which has 30 million active monthly users. The figure beats Q1, which totaled $306 million, by almost 200%. Compared to Q1 2018, when Square first began to support Bitcoin, the figure is 600% higher. Gross profits have also transformed, with $17 million in Q2 this year 711% higher than two years ago.

“That’s a bull market”


Square was already well known for its presence in the Bitcoin space. Together with investment giant Grayscale, Twitter’s sister company is responsible for buying up the lion’s share of new BTC. In May, Square began targeting long-term Bitcoin investment strategies by releasing dollar-cost averaging functionality for users. The move appeared to front-run a change in Bitcoin’s own fortunes, with price gains finally sweeping through the market in recent weeks after months of compression. As Cointelegraph reported, Google Trends data further confirms an uptick in interest, similar to March and May’s block subsidy halving. Nonetheless, compared in June last year, interest is around 40% lower, while price levels are broadly similar. At press-time levels of $11,310, BTC/USD has now delivered 215% profits versus the pit of its crash to $3,600 in March.

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