Why Square Stock Fell Today

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Shares of Square (NYSE: SQ), a digital payments company, fell today after the price of bitcoin plunged. 

The tech stock was down by as much 6.3% today and was down by 5.3% as of 2:57 p.m. EST. 

Square’s Cash App is a popular way for users to make peer-to-peer payments, but it’s also used to buy and sell bitcoin. As the price of bitcoin tumbled to below $32,300 today — down from $41,800 on Friday — investors appeared to flee Square’s stock.  

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