PRQ got into trouble, BTC found sponsors
Monday is believed to be a hard day, but not for everyone. Bitcoin got new sponsors while the record drop in PRQ token brought traders about 1000% profit per hour. As usually, today we talk about the hottest events of the past week.
Just before of the weekend, the Parsiq (PRQ) cryptocurrency exchange rate plunged steeply from $0.09 to a minimum of $0.0001 in a matter of seconds, and then recovered. Traders, seizing the opportunity, bought altcoins for a song, and when the coin grew 500 times, sold it, earning a tidy sum.
As the Parsiq project team reported in its official blog, the reason for the collapse was the hacking of the CoinMetro exchange. The attackers stole cryptocurrency assets, among which were PRQ tokens. To prevent criminals from cashing out funds, the company had to withdraw all Ethereum coins in the ETH/PRQ pair that were stored in the Uniswap platform’s liquidity pool, and also ask other platforms to block transactions. As a result, the PRQ declined by 900 times, and savvy traders successfully took advantage of this opportunity.
Meanwhile, Square, owned by Twitter founder Jack Dorsey, bought 4,709 BTC for a total of $50 million. The FinTech giant explained this decision by tweeting that “cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system.”
Square has already invested in bitcoin. In 2018, the company launched the Square Crypto app for BTC trading. As a result, Square earned more than $850 million from coin sales in the 2nd quarter of 2020. Quarterly growth in April-June was 186% and turned out to be a record, and year-on-year indicator increased by 600%. Amid this news, BTC/USD strengthened by one and a half figures and at the time of writing was sitting comfortably in the green zone.