2017.11.1600:44:00UTC+00Bitcoin Briefly Jumps after Reports of Square Testing Cryptocurrency Support

Bitcoin briefly jumped more than 11 percent to a high of $7, 336.80 following reports that payment processor Square is testing support for the cryptocurrency.

Gains in bitcoin came after reports that Square's payments app Cash is testing support for bitcoin. Early on Wednesday, Credit Suisse analysts posted a report on the Square news detailing how the bitcoin buying option could assist the stock.

Square shares jumped over 5 percent in open before ending the session 2 percent higher. The firm's test of bitcoin is still within limited range and focused on allowing clients buy and sell bitcoin within the app. The testing does not allow people or firms to send or accept the digital currency, according to the company.

The increase is within 10 percent of the digital currency's record high of $7, 879.06 reached last Wednesday. So far since the record level, bitcoin has dropped 30 percent over the weekend due to doubts over the crypto currency's future prospects.

Meanwhile, ethereum, another cryptocurrency, traded 1.5 percent down at $331, CoinDesk reported.

The high volatility in trading are due to the recent developments and comments regarding bitcoin and bitcoin cash as well as the unresolved controversy regarding the best strategy to enhance bitcoin's transaction and costs.