The Bitcoin price (BTC/USD) has seen solid gains in the past 24 hours, largely thanks to a late Monday rally, that was likely triggered by news that Jack Dorsey’s Square start-up had received the greenlight to offer Bitcoin trading in the state of New York.
The original cryptocurrency spent the better part of yesterday’s session hovering around the $6,500 mark, largely mirroring its performance during the lacklustre Sunday session. However, the digital coin experienced a sharp rebound in late afternoon trading, which allowed it to return above the $6,700 mark for the first time in four days. Having opened the session at $6,510.07, the coin rose to as high as $6,781.14, before finishing the day at $6,734.82. That was Bitcoin’s first close above $6,700 since June 11.
While the rally has seemingly run out of steam, Bitcoin has so far managed to defend the $6,700 mark in today’s trading. At the time of writing, the Bitcoin price was hovering around $6,750, according to data from cryptocurrency tracker Coinmarketcap.
Yesterday’s surge followed news that digital payments company Square, had received BitLicense from regulators in the state of New York. This means that users of Square’s Cash app can now trade Bitcoin in New York.
Square added support for BTC trading to its mobile payments app in January, but the feature had been unavailable in the state. Yesterday’s decision by New York's Department of Financial Services changes that.
“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market,” Financial Services Superintendent Maria T. Vullo said yesterday in a statement. “DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”
"That was one of the missing pieces in their puzzle," Nomura Instinet analyst Dan Dolev commented on the development, as quoted by CNBC. "They had approval in most states, but New York was by far the biggest one where you couldn't trade”.
In today’s trading, the Bitcoin price stood at $6,750.68, as of 10:48 BST. The digital coin has gained nearly 4% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.