Bitcoin bounces back, briefly surging above $50,000 after more buying from Square

Bitcoin's price roared back Wednesday after a sharp sell-off, briefly climbing above $50,000 again as Square announced it had purchased $170 million worth of the cryptocurrency.At 10:45 a.m. ET, the world's most valuable digital coin rose 4.5% to a price of $49,278, according to data from Coin Metrics. The cryptocurrency had earlier climbed as high as $51,369 but later pared gains.Other cryptocurrencies also got a boost, with ether and XRP climbing 9% and 2.4% respectively. So-called altcoins, or alternative cryptocurrencies, often climb in times of strength for bitcoin.On Tuesday, Square announced it had bought 3,318 bitcoins at an average price of around $51,235. The fintech company, which is run by Twitter CEO Jack Dorsey, said bitcoin now represents about 5% of its total assets.It's not the first time Square has invested in bitcoin — the firm bought $50 million worth of the digital currency last year. Dorsey is one of…

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