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Square To Enable Bitcoin Support To More Users In Cash App

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Square To Enable Bitcoin Support To More Users In Cash App

Payments giant, Square, is in the process of increasing the number of people eligible to buy and sell bitcoin on its flagship app Cash App. Up until now only a small number of users have been able to access the cryptocurrency through the app.

Cash App Bitcoin Support

In a tweet to loyal users, the company says it will enable the capability to more active users in the coming days. The announcement follows major milestones that have rocked the crypto world in the recent past. Major U.S exchanges are set to launch bitcoin futures contracts in the coming days. The total market cap of the crypto market has also ballooned to over $300 billion.

Making it easy for more people to purchase bitcoin will go a long way in solving one of the biggest problems in the sector. While it is, still possible to buy and sell bitcoin through trading exchanges, most people have complained about the rigorous process that involves signing up and verifying identity in trading exchanges.

Being able to buy and sell bitcoin on Cash App is a significant milestone as it does away with the mind-boggling requirements in exchanges. However, it is still unclear the number of people, Square will allow to enjoy the capability.

“We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system, and we’re excited to learn more here,” the company said in a statement.

While Square is targeting a head start in the bitcoin exchange business, more services are expected to crop up making it even easier to buy and sell other cryptocurrencies. Making the bitcoin buy and sell feature available to more people affirms growing demand for Bitcoin even as it price continues to trade at highs of $12,000.

Bitcoin Tailwinds

Square move to launch bitcoin purchase feature to more people underscores positive feedback on the initial launch. However, betting big on the cryptocurrency could pose significant issues if caution is not taken.

Bitcoin market has been firing on all cylinders in part because of a lack of regulations in the U.S and Europe. Should regulators move to crack down on exchanges, Square could also find itself at crossroads given the fact that there have been concerns about illegal activities in the sector.

Growing concerns of a potential bubble burst in the space is another headwind that could affect Square sentiments in the sector. Given that Bitcoin has mostly traded on speculation rather than fundamentals, a potential crash could have serious ramifications on the players with significant interest in the space.

We will be updating our subscribers as soon as we know more. For the latest cryptocurrency news, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of JD Lasica via Flickr

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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