A hot murphy: Bitcoin has been on one heck of a run over the past several months and it all got started when financial services company Square spent $fifty million, or nigh one per centum of its total assets, to purchase 4,709 Bitcoins back in Oct. The crypto market got another huge shot in the arm in early Feb when Tesla revealed a $ane.five billion investment in Bitcoin. Since then, and up until a few days agone, information technology's been mostly upwards and onwards for the digital currency.

Bitcoin briefly hit an best high of just over $58,000 on February 21 before a slide brought the value back downwardly around the $45,000 mark. The dip seemed to exist an opportune time for some to reaffirm their delivery to the money.

Square on Tuesday in its latest earnings report said it has purchased some other three,318 Bitcoins for $170 1000000. Doing the math, that works out to around $51,236 per coin. When Square bought its first batch of Bitcoins dorsum in October, it paid roughly $10,617 per.

Looking at that initial $50 1000000 investment lone, it has grown to more than $231 million in less than 5 months.

Business intelligence firm MicroStrategy, meanwhile, has also grown its Bitcoin holding substantially. On Midweek, the company appear the purchase of 19,452 Bitcoins for $1.026 billion in cash, which works out to an average price of approximately $52,765 per. According to CoinDesk, MicroStrategy's investment is the second-largest single (known) dollar investment in crypto past a US visitor behind Tesla.

With the latest buy, MicroStrategy now owns ninety,531 Bitcoins. According to the company, the average purchase price of each coin works out to $23,985, inclusive of fees and expenses.

Images courtesy Maxx-Studio, Blue Planet Studio