Square cooled off following another run towards $50 due to the Bitcoin craze.
The company is unlikely to attract large Bitcoin trading volumes as other services already corner the market.
The valuation remains stretched as revenues aren't even set to top $1 billion for 2017.
Square (SQ) was trading back towards the all-time highs near $50 due to more excitement around Bitcoin before the market collapse. The stock valuation remains aggressive considering the limited utilization of the Cash App and the crashing value of cryptocurrencies. Square has now failed on two runs at $50.