Bitcoin plunges 5.5 per cent to $53,435.9
Bitcoin plunged 5.5 per cent to $53,435.9 at 22:04 GMT on Friday (December 4), losing $3,112.06 from its previous close, the website Investing.com reported.
On Wednesday CEO of digital payment platform “Square”, Jack Dorsey, announced that Square will change its corporate name to "Block." Additionally, its cryptocurrency division -- Square Crypto -- will be renamed "Spiral" -- both changes are scheduled to occur next week on December 10.
The announcement came only two days after his resignation as CEO of Twitter, as Dorsey is reinforcing Square’s position in cryptocurrency and blockchain.
Parag Agrawal, Twitter’s chief technology officer, is taking over as CEO effective immediately since Monday.
It is speculated that Dorsey is following facebook’s footstep in diverting from social media to cryptocurrency and blockchain technology, after the company had announced the rebranding into Meta in October.