Bitcoin has now Moved Above 8,000 Dollars for the First Time Since May
Bitcoin is on the rise
Bitcoin has now broken the 8,000 dollar level for the first time since May this year. The world’s largest digital currency went as high as 8,340 dollars which meant that it moved up by 7 percent in 24 hours. This has marked the first time Bitcoin is hitting such levels since May 23 rd. Bitcoin has now moved up by more than 20 percent in a period of two weeks a move that has mainly been fueled by interests from institutional investors.
The digital currency sector has gained more than $300 billion after the latest gain after almost all digital coins registered a positive move. Despite the latest move Bitcoin still remains below half of its all-time high which it achieved in December 2017. According to Timothy Tam the CEO of CoinFi:
“Over the last six months, the crypto sector has been depressing so it’s good for it to recover. The timing of this market is very difficult but I think this is the start of a very positive run.”
Bitcoin’s rally started after BlackRock confirmed that it has a team looking into digital currencies and Blockchain technology. The reports also confirmed the group has been in existence since 2015. Other news that seems to have affected the markets are the reports that Cohen Private Ventures owned by billionaire Steve Cohen had invested in a crypto-focused fund called Autonomous Partners.
Within the last two weeks news have also emerged that Bitcoin ETFs could be approved by the SEC before August.
It’s also reported that South Korea also set up a new department which will work to create policy initiatives around digital currencies as well as financial technology. According to cryptocompare CEO Charles Hayter: “The current regulation rumors about the regulation of the crypto sector are positive because governments are beginning to understand the opportunities and risks in the crypto sector.” South Korea has been involved in the regulation of the crypto sector since last year. In January this year, the country blocked all anonymous transactions carried out through bank accounts a move that seems to be positive for the crypto sector.
Hayter also noted that ICOs which have been controversial is now becoming transparent and accountable. Many institutions including the SEC have been worried about ICOs in the past. ICOs are mainly used to fund startups through tone sales. The worry has been because of many failed projects which raised questions about the owners defrauding investors.