Bitcoin rallied on Wednesday morning, reversing some of the losses experienced earlier this week, after Jack Dorsey's payments company Square revealed it had bought $170m of the cryptocurrency. The price of Bitcoin jumped back above $50,000, rising as much as 7.2pc to about $51,393, following heavy losses in Monday and Tuesday's sessions. Dorsey, who is also the chief executive and co-founder of Twitter, has been among the biggest advocates for Bitcoin, alongside Tesla boss Elon Musk. The $170m investment is "part of Square’s ongoing commitment to Bitcoin, and the company plans to assess its aggregate investment in Bitcoin relative to its other investments on an ongoing basis", his business said.
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