Bitcoin flexed it's muscles yesterday while whales and mega-investors worked together to create a lovely pump causing prices to rise sharply, climbing past $7,000 putting prices at their highest since June with momentum being largely attributed for gains.
The digital currency's price hit $7,440.25 on the CoinDesk Bitcoin Price Index (BPI), up 11.7% gain from the daily low of $6,663.03. By reaching this level, Bitcoin attained its highest price since June 10, and was up 28.6% from the recent low of $5,785.43, additional BPI figures show.
So what factors can be attributed to this much-needed Bitcoin and altcoin rally?
"I think we are starting to see a strong positive shift in sentiment," said Oliver Isaacs, blockchain investor, advisor & influencer.
"Major recent positive news includes the CFA examination adding blockchain topics to its curriculum, a move that is most certainly going bring widespread knowledge and exposure of digital assets to Wall Street," he stated.
"In addition, Coinbase, which is the largest exchange in the world has just been approved to list securities — representing significant progress in its bid to operate as an officially regulated crypto broker-dealer," added Isaacs.
"They are also exploring the addition of five major cryptocurrencies – again bringing positive gains to the market. Whether this is the start of a major bull run remains to be seen but I am hopeful."
Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, also had a few interesting things to say about recent news.
"There have been a series of positive developments in the crypto space this week, with David Solomon's appointment as CEO of Goldman Sachs being the latest."
"From events like Coinbase receiving approval to list security tokens or their recent announcement that they'll expand their token selection, to BlackRock taking a formal look at crypto assets; the red carpet is continually being rolled out for institutions to enter the crypto asset management arena."
"We are seeing increased attention [to] the Crypto Currencies Markets by the Main Stream Financial Institutions, either in the form of actual coins or the trading platforms," stated Charles Thorngren, CEO of Noble Alternative Investments.
"As more institutions get positioned to take advantage of the market we will see great volume in the trading of the Crypto Market. When you tie that with the bargain pricing of Crypto's it is not hard to see why we have the move we currently see."
With all these great things being said about the space is it any wonder we are seeing a shift in positive sentiment? It is important to note however that not everyone has good things to say and that there is still a solid about of FUD going around...
Many analysts are a bit more skeptical about their impact on Bitcoin's recent rally.
"Announcements by Goldman and BlackRock are wonderful developments for cryptocurrencies in general, but it is highly unlikely either firm will buy bitcoin outright," stated James Song, founder and CEO of blockchain startup ExsulCoin.
"Instead, traders at these firms will likely seek asymmetric risk-return investments in derivative products based on cryptocurrencies, and are seeking the freedom to do that now, so they don't lose out on any future investment opportunities."
Jeff Koyen, CEO of 360 Blockchain USA, stated that the BlackRock announcement and the news that Solomon will become COO of Goldman Sachs were not "important enough alone to drive a sustained bull run on its own."
Most industry experts at this point are coming together agreeing that this fresh coverage in mainstream outlets generally is coming with a positive tone which will do a lot to encourage investors to pile back in.
We may see many more institutions coming on board in the near future and these will include fresh new positive headlines in the coming weeks.
What do you guys think of all the hoopla? Are we getting close to another Bitcoin bull market?
Source:
Bitcoin Surges Past $7,000 To Reach 1-Month High - Forbes