Surprisingly enough, amid the obstacles posed by Google and IMF, the craze generated by the disturbing news pushed the stocks of virtual assets of Square, as investors flocked in to fish for profits in the troubled waters.
The Square Stock Payment Processor made a profit by 4% 0r 898 million dollars on Wednesday, despite the fact that the prices of Bitcoin, Litecoin, Ethereum, and Ripple plunged by about 8% or 9% individually.
The reason behind the gain of Square Stock is the willingness of the merchants of Square to purchase Bitcoin in spite of the fluctuation in prices, as reported by a survey conducted over a 100 merchants of the USA, called the Nomura Instinet. Out of the merchants who are taking part in purchasing the volatile Bitcoin, approximately 60% of them, that is the ones with an annual revenue of minimum 100000 dollars, were willing to receive payment in Bitcoin. The Square began to allow most of its users to purchase and trade off Bitcoin via the Cash app which increased the bond of the company with Bitcoin. However, on the very day that Square began its climb, cryptocurrency received a heavy blow from Google and IMF. While the formerly banned cryptocurrency transactions and advertisements of ICOs, the latter reigned in with tightened regulatory control. This propelled the prices of Bitcoin, Ethereum, and Ripple downwards to 8400 dollars, 695 dollars, and 79 cents respectively.