Tanya Abrosimova
Independent Analyst
- Cryptocurrencies jump after Square obtains BitLicense.
- All major coins are trading in green on Tuesday morning.
All major coins have popped higher after trading in a red zone on Monday. A change of heart on the market was probably triggered by the decision of the New York Department of Financial Services to grant BitLicense to the digital payment company Square foundered by Jack Dorsey. It means that New York citizens can purchase Bitcoins with Square's Cash app.
“There’s the Square news, which adds to the adoption argument. But I suspect it’s a delayed response from the SEC’s comments last week. I think it’s a bigger deal than what people thought and maybe it took them a while to get their head around it,” Matt Hougan from Bitwise Asset Management comments.
Bitcoin broke above $6,500 handle, trading at $6,711 at the time of writing. The digital coin No. 1 is up 4% in the last 24 hours. Trading volume settled at $3.9B, total market cap - $115B.
Ethereum is also above critical level $500, rising 5% over the recent 24 hours. Currently, ETH/USD is trading at $17, having recovered from Monday's low registered at $493. Nearly $1.5B worth of Ether changed hands in the past 24 hours.
Ripple has gained 3.7% since this time yesterday, trading at $0.5419 at the time of writing. XRP/BTC and XRP/USDT are among the most active combinations, representing over 50% of the total trading volume.
ETH\USD, the hourly chart
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