Bitcoin was able to take a breath after weeks in which the price was falling with $6400 being the support level. This time, the cryptocurrency jumped almost $400 dollars from $6,400 up to $6,800.
Bitcoin Price Jumps
In order to understand why Bitcoin price grew it is important to know which are the reasons behind it. New York’s Department of Financial Services granted Square a virtual currency license. In this way, users of the ‘Cash’ mobile payments application were able to trade the famous cryptocurrency in New York. At the moment, Cash is owned by Square and has over 7 million active users per month.
Brian Grassadonia, Square’s head of Cash App, commented in a press release:
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell Bitcoin. 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.”
Square seems to be having a good experience in the cryptocurrency industry. It said in its earnings report in May that it made $200,000 profit from bitcoin in the first quarter because of the price fluctuations.
Square’s shares have grown this year more than 80%, while Bitcoin and other cryptocurrencies lost more than 65% of their value since their all time highs.
In the future, it is also possible to see a Bitcoin ETF that would be approved by the US Securities and Exchange Commission (SEC). This would also help Bitcoin recover part of the price lost during the last months.
At the moment of writing this article, Bitcoin (BTC) is being traded 3% up compared to 24 hours ago, and it is being traded around $6750 dollars. All the top 10 cryptocurrencies are operating in the green zone and Tron (TRX) is the cryptocurrency having the biggest gains.
