One of the most popular crypto apps for buying and selling Bitcoin and cryptocurrencies recently announced that users can now use its Cash App to buy Bitcoin in all fifty US states.
The announcement spread like wildfire on the social networks, coming from Cash App’s Twitter profile.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
As we can see from the announcement, buying Bitcoin via Cash App will be effective immediately – and users also reported the wide availability on Twitter.
The CEO of Square, Jack Dorsey, has long expressed his bullish view on the cryptocurrency. As he once stated:
“The internet will have a single currency – and I believe that this will be Bitcoin.”
Meanwhile, Square’s cryptocurrency profits have doubled in the second quarter of 2018 – which is a reason more for the official announcement about buying and selling Bitcoin from its Cash App.
Despite the fact that this functionality was added in late 2017, the simple mobile interface was then available to users in selected states. As soon as Square acquired a BitLicense from the New York Department of Financial Services, the support was added in all 50 states.
The Head of the Cash App, Brian Grassadonia, noted the significance of this approval, stating:
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.”
Square recently reported that it generated more than $70 million in Bitcoin-related activities in the first half of 2018, earning less than a half million dollars in trading fees.
New York Stock Exchange (NYSE) Delays The Bakkt Bitcoin Futures Launch To 2019
“ICE Futures U.S., Inc. will list the new Bakkt Bitcoin (USD) Daily Futures Contract for trading on trade date Thursday, January 24, 2019, subject to regulatory approval. The new listing timeframe will provide additional time for customer and clearing member onboarding prior to the start of trading and warehousing of the new contract.”According to analysts, there are speculations that Bakkt's scheduled December launch could help and catalyze a new year-end crypto market rally - with bulls such as Tom Lee predicting that the price of Bitcoin can ascend to as high as $15,000 before 2018 ends.
Funny Or Not, Tom Lee Lowers His Year-End Bitcoin Price Target To $15,000
“Global markets have seen liquidity dry up, and bitcoin is not necessarily a value asset — so as growth stocks, tech, and FAANG come under pressure, it’s going to hurt bitcoin. The downturn in FAANG is hurting those owning bitcoin.”Despite the killer downward trend that Bitcoin is facing right now, Lee remains bullish about crypto and believes that we are merely undergoing an "awkward transition." As he stated, crypto still has a bright long-term future ahead and there is no doubt that institutional investors will start coming around. https://twitter.com/CNBC/status/1064925085641965568 "“The next wave of adoption is institutional,” Lee said. “There is a crossover happening. This is just an awkward transition.” He also said that institutional investors will start making giant leaps into crypto. As he revealed:
“Institutional backing will come soon. You will get it partly through infrastructure, like Bakkt, which is launching soon. Part of it is going to come through regulatory clarity.”Tom Lee concluded by saying that the regulatory scrutiny of crypto scams would benefit the industry by easing consumer and institutional anxiety about the burgeoning industry.
“Digital assets are going to be relevant in a world where growth is increasingly digital,” Lee said. “So bitcoin is a real bet on [the future].”
Early 2017 Crypto Investors Are Rapidly Starting To Sell Bitcoin
“We are seeing the folks who bought in early 2017 sell for the first time today.’’He added that the majority of the Bitcoin early investors that purchased Bitcoin in the first quarter of 2017 now believe that they are seeing zero return on their investment. As of today, November 20, the price of Bitcoin reached a new low again for a second time this week going down under the $4,753. CryptoDog, a technical analyst explained the current bitcoin drop:
“The bears aren’t even pushing, BTC is just free-falling. Very weak dump, imagine what it looks like when the volume comes in. A short-term reversal could happen at any moment – shorting with high leverage is a terrible idea. However, if you are trying to knife catch, be patient. No one should be in a rush to long this.’’Despite the drop, BTC’s volume increased to $8 billion which as a more than 60 percent increase while expecting BTC to establish a bottom trend at $4 billion. This is one of the reasons why the investors who bought BTC at $1,000 are considering selling a huge part of their holdings fearing that another drop might be happening in the next few days.
Bitcoin Takes A New Beating, Goes Below $4,500 As Market Loses $25 Billion
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- New York Stock Exchange (NYSE) Delays The Bakkt Bitcoin Futures Launch To 2019
- Indian Government To (Finally) Draft Crypto Regulations This December
- (Some) Crypto Exchanges Resume BCH Trading, Bitcoin Cash Price Reaches New Lows
- After Days Of Resistance, Ripple (XRP) Suffers A Major Price Drop
- Funny Or Not, Tom Lee Lowers His Year-End Bitcoin Price Target To $15,000
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