Cryptos Spike After Jack Dorsey Tweets About ‘Cash App’

Having slipped lower on the back of a negative report by BIS, cryptocurrencies are kneejerking higher (with Bitcoin back above $6500) after a tweet from Square and Twitter CEO Jack Dorsey…

“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” said Brian Grassadonia, Head of Cash App.

“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.”

Early weakness has turned around following this tweet:

Which has pushed Bitcoin and Ethereum green from Friday…

And Bitcoin is back above $6500…

As Bloomberg Law reports, Square Inc. is the latest company to snag a BitLicense for virtual currency products from the state of New York.

The license will allow the small business-oriented fintech company to offer financial services to New York residents through its Cash App, including buying and selling Bitcoin, according to a June 18 release from the New York Department of Financial Services.

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market,” said Superintendent Vullo. “DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

There are now nine companies with crypto licenses or charters granted by New York.

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