Bitcoin was able to recover $400 dollars in value when Square received regulatory approval for cryptocurrency trading in New York. In this way, the Cash mobile payments application lets its users trade cryptocurrencies in New York.
Square Gets NY Approval
This is a very important step for cryptocurrencies. New York’s Department of Financial Services granted Square a virtual currency license that allows users of the Cash application to trade cryptocurrencies. At the time of writing, Cash has more than 7 million active users every month.
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell Bitcoin,” commented Brian Grassadonia, Square’s head of Cash App, in a statement. “Square and the NYDFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”
It is important to mention that Square’s shares have been growing this year more than 80% amid a bear market in the cryptocurrency market. At the same time, during the first quarter of 2018, Square was able to make $200,000 dollars’ profit because of price fluctuations.
Nomura Instinet analyst Dan Dolev commented about it:
“If they actually charged a fee as some of their competitors do, that number would be much higher. They’re basically testing out, allowing people who don’t normally trade bitcoin to trade bitcoin.”
This is a very positive information for the cryptocurrency environment that is suffering from a bear market since the beginning of the year.
Currently, Bitcoin is the most important cryptocurrency in the market and is being traded around $6,700 dollars. The famous cryptocurrency has a market capitalization of $115 billion dollars and is registering a 3.71% increase in the last 24 hours.
In the top 10 ranking, Tron (TRX) is the currency registering the biggest gains with 8.74% increase in the last 24 hours. Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC), Stellar (XLM), Cardano (ADA) and IOTA are registering price increases as well.