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Bitcoin Falls as Square Retracts Banking App

As of this week, Bitcoin has seen a three percent drop in price. On Thursday, Bitcoin was valued at $6467 as opposed to its biggest drop since November, when the currency plummeted to around $5800 a week prior.


After the sudden surge in Bitcoin value last year, which saw the currency climb well above 1000 percent in value, several exchange hacks and regulations implemented have affected digital currencies as a whole.

 

Bitcoin Cash dropped around seven percent to a value of $718, with Ethereum and Litecoin both dropping 2.7 and 5.3 percent, valuing at $460 and $82 according to reports.

 

Tom Lee, an analyst on Wall Street has predicted that Bitcoin will be priced at $20,000 by the of 2018, although his previous predictions set Bitcoin at $15,000.

Square Fails

 

Square, an established application designed to provide payment services, has momentarily retracted its app to an appeal to the FDIC for an operational license. Should the license be granted, it would allow Square to operate like a bank and provide financial services through the app.

 

The CEO has stated that Square was being used as a bank account, which contradicts its initial purpose, prompting the company to approach customers in a different method and to promote the payment apps’ true intention.

 

The company also stated that it would re-apply for the license by the FDIC once the proper reviews and adjustments have been made, as well as after explaining the company’s efforts to collaborate and comply with the FDIC.

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