Bitcoin moves near $7,000 after Square's Cash app gets crypto trading approval in New York

Today turned out to be a good day for cryptocurrencies, especially Bitcoin, as it was moving near $7,000-mark. This performance was witnessed after New York's Department of Financial Services sanctioned a virtual currency license Square to allow investors of the Cash app in the state to trade. Bitcoin has been in talks for so long that now people can understand what’s happening with the coin as this cyber currency is tumbling for nearly six months. Bitcoin showed a great movement by touching nearly $20,000-mark, but it later entered below $10,000, and further went down to almost $6,000 in month of June. 

Bitcoin was trading today at $6,762.04, above 4.24%, with a market valuation of $115.65 billion, as per CoinMarketCap. In the previous trading, Bitcoin was trading at $6,447.55 mark down by 1.51%, which was new low compared to April 1, when it stood near $6,572.66. The market cap of Bitcoin yesterday stood at $110.61 billion. 

According to a CNBC report, New York's Department of Financial Services yesterday granted Square a virtual currency license, allowing users of the Cash app in the state to trade Bitcoin. 

Reportedly, Cash is owned by Square and has 7 million monthly active users, the company said in its first quarter earnings call. 

Meanwhile, a CNN report added, investors have become more optimistic and bullish on the market, due to the abrupt surge in the volume and price of BTC within a small 2-hour period. If investors want to see BTC remain above the $7,000 mark in the short-term, it will have to reverse the bearish sentiment by restoring the volume and continuing the current upwards trend of BTC.

Phillip Nunn, CEO of The Blackmore Group and Wealth Chain Group, earlier in Bitcoinist report said, "The price of Bitcoin in the year of 2018 would reach a bottom of $6,000 and a high of $60,000. At the time of the prediction, the price of Bitcoin had pulled back a large percentage of its run-up to an all-time high in mid-December of almost $20,000 and was sitting at just over $10,000."

Bitcoin was trading at $14 on January 2013, but it grew 141,825.71% or 1419.26 times by December 17, 2017, and clocked $19,869.60-mark. If Bitcoin manages to gain $60,000-mark, it will grow by a behemoth 4,28,471.43% or 4,285 times from the 2013-level.

In India, one Bitcoin is priced at Rs 4,57,716.85.