(Reuters) –Block Inc (NYSE:), the fintech company led by Jack Dorsey (NYSE) missed market forecasts for its first quarter profit Thursday due to a drop in bitcoin prices.

In the last quarter, bitcoin revenue fell by half to $1.73Billion. The drop in interest by retail traders caused by lower prices for the cryptocurrency after an explosive rally that occurred last year.

The largest cryptocurrency, ETH has fallen 21% this year due to the increased risk-off attitude sparked in part by the Russia-Ukraine war and an even more cautious outlook on Federal Reserve policy tightening.

Block completed the $29 billion acquisition of Afterpay Ltd in Australia during the fourth quarter. This created a transaction giant which competes with tech companies and banks to be the fastest-growing financial industry business.

Afterpay generated $92million in net profit during the period. The data was collected under both the Square and Cash apps units. Cash App, which allows users to pay in bitcoins and send them as payments, saw a 26% rise in their gross profits.

Amrita Ahuja, Chief Financial Officer stated that they have been focusing on Afterpay’s demand generation capabilities and were beginning to build a wider commerce platform.

Afterpay’s gross merchandise, which is the total value of all products sold by Afterpay, was to increase 15% in April.

Block shares (formerly Square) were 10% higher during extended trading.

Block’s revenues fell 22% in March to $3.96billion during the three month period. Refinitiv data shows that the adjusted profit earned by Block was 18 cents per shares, not 21 cents as analysts expected.