The Crypto market was in need of a boost and received one today after New York approved Crypto trading for Square’s ‘Cash’ mobile app.
Once the company, which has millions of users, announced that it had been granted a licence in New York for Crypto trading, the price of Bitcoin shot up almost immediately. Ethereum, Ripple’s XRP, Bitcoin Cash and all major Cryptos also enjoyed a quick spike in rise.
As stated in previous posts regulation has had a big impact on price as many investors are still fearful that tough regulation could prevent Cryptos from reaching their potential. Today’s announcement has removed some fear as we see a regulator providing Crypto approval. There is however a long way to go and more good news is needed in order to keep Crypto prices up in the short term.
We are still unsure just how New York and the rest of the regulatory frameworks around the world intend to govern this new and exciting technology.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.