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Bitcoin price turns around snapping recent skid

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Bitcoin was trading 0.4% higher Friday morning.

The price was around $62,100 per coin, while rival Ether, the world’s second-largest cryptocurrency, is trading around $4,530, down from Wednesday’s all time high of $4,643.

Dogecoin was trading around 26 cents per coin, respectively, according to Coindesk.

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Payments firm Square said in its quarterly earnings letter Thursday that its peer-to-peer payment service, Cash App, generated $1.82 billion of bitcoin revenue and $42 million of gross profit, up 115% and 29% year over year, respectively.

Bitcoin revenue and gross profit decreased in the third quarter versus the second quarter, reported by Coindesk.

Square also noted bitcoin revenue and gross profit may fluctuate in future quarters given changes in customer demand and bitcoin’s market price.

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Square’s total net revenue was $3.84 billion, up 27% year over year, while gross profit was $1.13 billion, up 43% year over year.

In other cryptocurrency news, New York’s mayor-elect Eric Adams is talking bitcoin.

Adams reportedly said he would take his first three paychecks in bitcoin and signaled his intention to make his city the “center of the cryptocurrency industry” after he takes office in January, according to Reuters.

NYC MAYOR-ELECT ERIC ADAMS WANTS FIRST 3 PAYCHECKS IN BITCOIN

Adams wrote in a Twitter post. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Adams isn’t the only politician with an eye on cryptocurrencies.

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Miami Mayor Francis Suarez, who just secured a second term this week, said he will accept 100% of his salary in bitcoin, telling “Cavuto: Coast to Coast” Thursday that the move will “send a message to the world that we are going to be one of the most innovative governments and innovative cities on the planet.”

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