3 bullish signs that bitcoin demand is exploding overall

Bitcoin (BTC) has seen an increase in interest this summer;; Consumer awareness is reflected in the unique network entities that have peaked in the past two years.

The growth of unique companies reflects the increase of 2017

More unique entities join the Bitcoin network than The activity in 2017 increasingly resembles an upward trend of all time.

By August 4, according to the Glassnode chain monitoring resource The weekly average for new businesses has returned to 140,000, the highest since early 2018.

3 bullish signs that bitcoin demand is exploding overall
3 bullish signs that bitcoin demand is exploding overall

The new entities refer to the wallet addresses. and Glassnode defines them as “a group of addresses controlled by the same network entity”.

General activity growth occurs when the price movement rises above $ 10,000;; For the first time since 2019, the five numbers remain as support.

Bitcoin new entities 7-day chart with moving average

7-day moving average chart of new Bitcoin companies. Source: Glassnode

Square shows “incredible” demand for Bitcoin

The payment company Square generated nearly $ 1 billion in Bitcoin sales in the second quarterand it’s evidence of a bull market, says a famous commentator.

In your letter to shareholders in the second quarter of 2020 Square announced quarterly sales of $ 875 million for its cash app with 30 million monthly active users.

The figure exceeds the first quarter, which was USD 306 million, by almost 200%.

Compared to the first quarter of 2018 when Square supported Bitcoin, the number is 600% higher. Gross profit has also changed. In the second quarter of this year, $ 17 million was reached, 711% more than two years ago.

“”Bitcoin’s gross profit and profit benefited from increased Bitcoin activity and growing customer demand“commented the company in the letter.

For the analyst Kevin Rooke, The results were “unbelievable” after months of economic instability worldwide and a dramatic income reduction for many employees due to COVID-19.

Bitcoin Square Quarterly Income. Credit: Kevin Rooke / Twitter

“This is a bull market”

Square was already known for its presence in the Bitcoin space. Together with the investment giant Grayscale, Twitter’s sister company is responsible for buying most of the new BTC.

In May, Square began aligning its long-term investment strategies in Bitcoin by publishing features that averaged dollar costs for users..

The move seemed to trigger a change in Bitcoin’s own assets, with price gains finally spreading to the market in the past few weeks after months of compression.

As Cointelegraph reported Google Trends data continues to confirm an increase in interest, similar to the March and May halving. However, compared to June last year, interest rates are around 40% lower, while the price level is very similar.

Interested in google search

Google search interest in “Bitcoin”. Source: Google Trends

With a level of USD 11,310, the BTC / USD received 215% of the benefits compared to the well of its fall up to USD 3,600 in March.

Parabolic trav, a Twitter account owner who is known to increase activity when prices look bullish, was clearly optimistic about Square’s performance.

“It’s a bull market, people”he summarized in response to Rooke.

In the meantime, Square may no longer be alone among the payment giants that support cryptocurrencies. As Cointelegraph reported Rumors that PayPal could follow soon were strengthened last month as the correspondence seemed to confirm a new partnership.

Quarantined consumers have turned to investment opportunities such as the popular Robinhood app. during a Monitoring resource Dedicated shows that the US stimulus checks invested in BTC have since achieved a profit of 67%.

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