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Bitcoin jumps after New York approves Square's Cash app for crypto trading

Key Points
  • Bitcoin spiked suddenly in Monday afternoon trading to its highest since Tuesday.
  • New York's Department of Financial Services granted Square a virtual currency license, allowing users of the Cash app in the state to trade bitcoin.
  • Cash has 7 million monthly active users, the company said in its first quarter earnings call.
Bitcoin values on a smartphone.
Nhac Nguyen | AFP | Getty Images

Bitcoin spiked suddenly Monday afternoon following news 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 was trading near $6,694 as of 3:56 p.m. ET.

Cash is owned by Square and has 7 million monthly active users, the company said in its first quarter earnings call. On Monday, New York's Department of Financial Services granted Square a virtual currency license, allowing users of the Cash app in the state to trade bitcoin. Bitcoin trading launched for most Cash users in late January.

Bitcoin 12-hour performance

Source: CoinDesk

Bitcoin remains about 10 percent lower for the month, and down 51 percent for the year so far.