On Monday, Bitcoin price surged suddenly after the users of the “Cash” mobile payments app could trade the cryptocurrency in New York.
The largest cryptocurrency by market capitalization gained more than 4.5 percent to $6,793, its highest since Tuesday, according to CoinDesk’s bitcoin price index. Bitcoin price was trading near $6,694 as of 3:56 p.m. ET.
Cash is owned by by Square, whose Chief Executive Officer Jack Dorsey said earlier this year that the company would introduce Bitcoin trading to almost all users of Square Cash, which allows people to transfer money to friends and family. Bitcoin trading has helped fuel growth for the app, which had more than 7 million monthly active customers in December.
The market for Bitcoin trading platforms is becoming more competitive led by Coinbase, the largest U.S. marketplace for trading cryptocurrencies. Jeff Cantwell, an analyst at Guggenheim, wrote in a note to clients that Square’s payments app could eventually turn into a “Coinbase-like exchange.”
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