Bitcoin jumps when New York approves Square's cash app for crypto trading

Bitcoin spiked suddenly monday afternoon following news users of the "Cash" mobile payments app may trade the cryptocurrency in new york.

The largest cryptocurrency by market capitalisation gained quite 4.5 % to $6,793, its highest since tuesday, in keeping with CoinDesk's bitcoin price index. Bitcoin was trading close to $6,694 as of 3:56 p.m. ET.

Cash is owned  by square and has seven million monthly active users, the company aforementioned in its first quarter earnings decision. On Monday, New York's Department of monetary Services granted square a virtual currency license, permitting users of the money app in the state to trade bitcoin. Bitcoin commercialism launched for many cash users in late January.