Bitcoin prices have surged more than 9 percent on Wednesday to a high of over $7,300 with the news that the application Square is analyzing backing for the cryptocurrency through its subsidiary payment application, Cash.
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Square shares increased more than 5 percent on the news of the company betting on the technology but states that the test does not allow customers or businesses to send or accept bitcoin, rather just buy and sell the cryptocurrency within the application.
“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 stated.
Bitcoin prices are up nearly 580 percent in 2017 as the cryptocurrency continues to recover over $1,000 in the last two days after losing approximately a third of its value in four days.