Bitcoin price jumps on news of Square’s New York crypto approval

Payments company will be allowed to trade the headline cryptocurrency via its app in the state.

The BTC price took a boost yesterday, after Square – the payments company run by Jack Dorsey, also CEO of Twitter – was approved as a crypto trader by New York’s Department of Financial Services. Its successful application for a virtual currency license in the state, means that users of Square’s Cash app, will now be allowed to buy and sell Bitcoin through it.

The news appeared to correspond with a sharp uptick in the price of Bitcoin, that saw it jump nearly nearly $300 in value, around 4.5%, in just over an hour, before steadying off. At the time of writing, it sits a little back from that high of $6,765 at around $6,715 according to CryptoCompare.

Dorsey, as we have covered before, has been a strong supporter of Bitcoin personally – despite Twitter imposing a ban on cryptocurrency related adverts. Indeed, earlier this year he declared his investment in blockchain startup Lightning Labs, and his belief that Bitcoin will eventually become the world’s single currency. He also admitted that the decision to include the cryptocurrency into Square’s app was a controversial one within the company.