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- 1 Block, Inc., owned by Jack Dorsey, has reported $2.52 Billion in the fourth quarter of 2023.
- 2 The mobile application Cash of the Block has secured $66 Million in profit after selling Bitcoin; the BTC gross profit marks 90% growth year-over-year.
- 3 Today, a bad actor reportedly wiped out around $9.5 Million worth of Ethereum from the Ronin wallet of the Axie Infinity founder.
Block, the company owned by Jack Dorsey, has most recently released its revenue and earnings for Q4 2023; the reported revenue reflects the firm’s constant growth in the cryptocurrency market.
The company recorded $2.52 Billion in total Bitcoin sales amount to customers in the last quarter of 2023, which surged over 37% compared to the previous year. Block is among the leading payment companies in the crypto space.
The Block said in the published report, “The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the average market price of bitcoin as well as a benefit from the price appreciation of our bitcoin inventory during the quarter.”
The mobile application Cash of the Block has secured $66 Million in profit after selling Bitcoin; the BTC gross profit marks 90% growth year-over-year. According to available data, Block, Inc. got 60% of its revenue from Cash App and the rest from Square.
In the pre-market session, SQ stock has seen a growth of $11.72, and analysts believe that the pre-market price has created positivity among the market investors. Following the positive earnings, the stock is expected to cross its 52-week high of $83.08.
Square, the Block, Inc. subsidiary, has gathered a gross profit of $828 Million year-to-year. Cash and Square’s positive earnings in the fourth quarter will shape the company’s image.
Market News
Today, a bad actor reportedly wiped out around $9.5 Million worth of Ethereum from the Ronin wallet of the Axie Infinity founder.
PeckShieldAlert’s ‘X’ post says, “It appears a whale wallet has been compromised, & 3,248 ETH (worth $9.7m) from the Ronin Bridge was withdrawn and transferred to TornadoCash.”
The stolen funds from the founder’s wallet were deposited in three different Ethereum wallets. The usage of Tornado Cash and other similar crypto mixers is surging in the crypto market.
Crypto Market Price Updates
The cryptocurrency community has evolved significantly in the past few years, and as of writing, more than 1,000 crypto projects are running on different blockchains.
Following the advancement in blockchain technology, the ways of committing scams and frauds have also evolved.
The crypto market capitalization did not reflect any significant improvements in the past 24 hours; earlier on February 21, the market cap had achieved the much-awaited milestone of $2 Trillion.
The pioneer of the crypto market, Bitcoin, has shown significant growth in the trading price in the past few weeks. When writing, it was trading at $50,911 with a decline of over 0.75% intraday.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
