Showing posts with label Square Cash. Show all posts
Showing posts with label Square Cash. Show all posts

November 16, 2017

Bitcoin price pierces $7000

November 16, 2017 (

The cryptocurrency market cap reached a new all-time high on Wednesday amid a generally-bullish day of trading. The bitcoin price set the tone for the rally, surging nearly $500 to recover past the $7,000 threshold for the first time since its weekend correction.

The total cryptocurrency market cap entered the day at $208 billion, and it climbed gradually throughout Tuesday evening. On Wednesday morning, the rally began to acquire steam, enabling the crypto market cap to leap to a new all-time high of $217.1 billion.

Bitcoin Price Pierces $7,000

The bitcoin price posted a 7% recovery on Wednesday, enabling it to climb nearly $500 in the past 24 hours alone. Since November 12, when the bitcoin price briefly crashed as low as $5,519, the flagship cryptocurrency has recovered by approximately $1,500, bringing it ever closer to the high-water mark it set last week shortly after the SegWit2x hard fork was called off. The bitcoin price is now trading at a global average of $7,004, which translates into a $116.8 billion market cap.

Several factors have contributed to this rally, most notably the fact that Man Group, one of the world’s largest hedge funds, stated yesterday that the launch of bitcoin futures contracts will convince it to make bitcoin part of its “investment universe”. However, traders are likely also bullish on the fact that mobile financial services application Square Cash is testing bitcoin integration and has already rolled the feature out to some users.

Ethereum Price Tests $340

The ethereum price continued its slow — but steady — advance on Wednesday, climbing another 3% to a present value of $338. Ethereum now has a market cap of $32.3 billion, bringing the second-largest cryptocurrency to its highest point since mid-October.

Bitcoin Cash Price Retreats

Bitcoin and bitcoin cash have taken inverse trajectories in recent days, and that phenomenon repeated itself — in direction if not degree — on Wednesday. While bitcoin and nearly every other major cryptocurrency experienced gains against the dollar, the bitcoin cash price declined 4%, reducing it to a current value of $1,289. Bitcoin cash has a market cap of $21.7 billion, making it approximately two-thirds the size of ethereum.

Market Swells at the Seams

Wednesday marked one of the most comprehensive crypto market advances in recent weeks, with 88 of the top 100 cryptocurrencies ending the day in positive territory.

The ripple price increased by 2%, while the litecoin price added 6% to rise to $65. The dash price recovered by 5% following Tuesday’s pullback and is now trading at $437. NEO’s 6% increase enabled it to broach the $30 barrier once again, and the monero price rose 1% to $124.

The competition for the last two spots in the market cap top 10 has been fascinating to watch this month, as no cryptocurrency has been able to cement its place in this echelon of the rankings. Today, IOTA burst into the ninth spot with a 19% increase, while NEM maintains the 10th position with a 3% gain. That makes ethereum classic, now ranked 11th, the odd token out.

November 15, 2017

Square Cash App lets users trade Bitcoin amidst price surge

By Lester Coleman - November 15, 2017 (

Square’s cash app, which is used for payment among friends, is testing the ability to buy and sell bitcoin, a benefit that could make bitcoin easy to trade for a huge swath of the population, particularly younger consumers.

Square’s cash app is one of the fastest and easiest ways to pay people, as the service is free and the transaction is completed almost immediate. Square Cash recently surpassed Venmo as the most frequently downloaded financial app on both Android and Apple phones, according to Apptopia, Forbes reported.

Squares Stock  Responds

Square shares jumped more than 4 percent Wednesday as one Wall Street firm was quick to recommend the stock following this potential development, CNBC reported. Later in the day, it was trading at $40.49, up 1.9 percent.

Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement and chargeback protection. Square’s point-of-sale software and other services help sellers manage inventory.

Users with access to the bitcoin beta can swipe from the Square cash card page to buy or sell bitcoin, according to TechCrunch. The page shows a balance in both BTC and USD along with bitcoin’s performance over the last day, month or year.

Bitcoin For Mainstream Traders

The Square action signals bitcoin trading for mainstream traders. Square CEO Jack Dorsey has cited trading as a key motivator for people interested in profiting from bitcoin, which has been soaring in value.

Dorsey, in a recent interview with The Verge, recalled being asked by numerous people how to buy bitcoin. He said bitcoin could be especially popular with younger people who are using smartphones to make payments to friends.

Dorsey is considering making bitcoin another tool the company offers its merchant customers.

Square added the bitcoin option in response to customer interest, according to a company spokesperson, Forbes reported. The company believes bitcoin can improve participation in the global financial system.

The app does not yet allow users to make payments with bitcoin.

Mrinalini Bhutoria and Paul Condra, Credit Suisse analysts, noted that Square is well positioned to allow cryptocurrency transactions at the point of sale. Credit Suisse nonetheless held a neutral rating on the stock, pricing it at $31, or 22% below its Tuesday closing price.

Action Makes Analyst Bullish

Square users will be able to eventually use bitcoin to pay on Square terminals, Dan Dolev, a Nomura Instinet analyst, told CNBC. Dolev’s buy rating on Square has a target price of $45 because he sees the company disrupting the payments industry and expanding among retailers.

The Credit Suisse analysts said the largest risk to bitcoin is regulations. In addition, Square is exposed to counterparty risk and liquidity risk since it has to source bitcoin by using an exchange or pre-buying it. Nevertheless, the analysts see a lot of upside to bitcoin as cryptocurrencies become more mainstream. They said they see PayPal as being well positioned to provide these services.

Lester Coleman
Lester Coleman is a media relations consultant for the payments and automated retailing industries. He is available for writing and media relations assignments.