Bitcoin Forum

Bitcoin jumps after New York approves Square's Cash app for crypto trading (https://www.cnbc.com/2018/06/18/bitcoin-jumps-after-new-york-approves-squares-cash-app-for-crypto-trading.html)

This is the reason why the price spiked up today from $6,400 - $6,700.

So if there are more other cash app that will start trading crypto's on their platform, there will be a huge pump.

I want to say that there's hope that we're starting to get on the bull market, this app has 7 million monthly active users base on the link above.

Alright locking this thread.

Yes I think it's very true that with the presence of more financial applications it will greatly affect the rise in bitcoin prices, and I hope it will happen in the near future and can bring bitcoin prices soar up.

A "spike" to 6700.

Lol.

How times change. Back in late 2017, that was a slow Tuesday.
And it really won't make much of a difference. You could recreate the frenzied buying again easily, by using the media. Everyone panics, or rejoices at the slightest noises made by bigger groups, but doesn't once stop to value the underlying technology.

That 300 dollar spike is meaningless, and should be wiped out. Square is meaningless, with their app.

The difference is 300 * 17,000,000 in market cap. Or roughly $5 billion dollars.

Now is square really going to do that much business?
I bet not.

But people are just fickle creatures all following the same tide.
Blockchains are a trillion dollar technology. But they sure as heck aren't treated as such.

If there are such applications, bitcoin prices are so fast, and I expect a lot of financial applications that use bitcoin to simplify the transaction and increase the price of bitcoins and other crypto.

With a volatility of ~3.5% (https://bitvol.info/), can we stop searching for a reason for every 5% move in either direction?

If these application means to increase Bitcoin in demand, then the btc price would probably continues to move up.
The market are still following the supply and demand rules. When some exchanges has made a huge sold out, that will affect the prices and the price drop is expected.