After the news broke out that users of “Cash” mobile payments app can trade in Bitcoin in New York, the prices of Bitcoin suddenly spiked.
Bitcoin, which is the single largest cryptocurrency in the market by market capitalization, saw a spike of 4.5% in its price taking it to $6,793. This is its highest level since Tuesday according to Bitcoin price index. Presently, it is trading at $6,694 at around 3.56 ET.
In its first-quarter earnings call, it was revealed that “Cash” mobile payments app has over 7 million active monthly users and is owned by Square. New York’s Department of Financial Services granted a virtual currency license to Square on Monday. The license allowed the users of Cash app living in New York to trade in Bitcoin. Bitcoin trading for a large number of Cash users was launched in the month of January.
Despite this development, Bitcoin price is about 10% lower for the month of June and down by almost 51% this year.