$1.6B Billion Of Bitcoin Purchased Via Cash App In Q3 2020 – November 6

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $15,364

Bitcoin price has continued to gain momentum over the last day of trading, almost reaching the $16,000 level before settling to the mid $15,000s.

Top-20 altcoins have also done well over the last 24 hours, with Ethereum gaining 6%, XRP 5%, and Stellar taking the lead with a 12% rise.

Top Stories for November 6, 2020 πŸ”₯

πŸ‘‰ $1.6B Billion Of Bitcoin Purchased Via Cash App In Q3 2020

Square has reported that over $1.6 billion worth of Bitcoin was purchased by Cash App users in Q3 of this year, with proceeds making up almost 80% of the company’s revenue.

The figure represents a 1,100% growth compared to Q3 of last year, in part thanks to the app’s auto-invest tool which enables automatic recurring purchases of Bitcoin or stock.

Also worth noting is Square’s recent $50 million investment into BTC, which has now appreciated to $74.8 million in value.

πŸ‘‰ Federal Reserve Keeps Interest Rates Unchanged

The US Federal Reserve has announced that they will be keeping interest rates unchanged, however will continue to increase bond purchases as required.

The Federal Reserve balance sheet has increased by $3 trillion this year alone, bringing it to a total of $7.1 trillion.

πŸ‘‰ More Than $1M In Funds Frozen In Compound Finance Fork

Over $1 million worth of user funds have become stuck in a fork of popular decentralized lending platform Compound Finance, thanks to a smart contract error.

The funds, comprised of ETH, WBTC and USDC, were accidentally frozen following the adjustment of an interest rate parameter, disabling the ability to withdraw assets or move them within the protocol.