Bitcoin’s big rally: cryptocurrency has risen 40 per cent in three weeks

Bitcoin’s big rally: cryptocurrency has risen 40 per cent in three weeks
25 Jul

“If you read the ETF rejection from earlier this year, the SEC listed quite a few reasons why they rejected it. Most of those issues have not materially changed.”


Even so, the most-followed crypto asset jumped as much as 8.5 per cent to $US8,354 during New York trading hours, according to composite Bloomberg pricing. Rival tokens Ethereum, Litecoin and Ripple rallied. While Bitcoin last breached $US8,000 in May, it’s still about 17 per cent below its high for that month.

With the latest gains, the total value of cryptocurrencies worldwide is again approaching $US300 billion, according to data on almost 1,700 coins followed by Bitcoin still remains almost 60 percent down its peak of almost $US20,000 in December.

“We’ve been in depressed levels for the last six months, so it’s really one way from here, which is up,” said Timothy Tam, chief executive officer with CoinFi, a cryptocurrency data analysis company, in a phone interview from Hong Kong.


“The timing is always difficult to predict but I think we’re at the start of a secular bull market.”

BlackRock speculation

Optimism over Bitcoin improved after a host of regulators and central banks addressed the nascent industry over the past two months, yet fell short of trying to stunt it. Prices are also being supported by a report that BlackRock, the world’s largest asset manager, was studying whether to invest in Bitcoin futures even though the company’s chairman said no customers have expressed interest.

There’s also renewed optimism after Bitmain, the cryptocurrency mining rig maker, completed another funding round, Tam said. The company was reported by Caixin to have raised $US300 million to $US400 million at a valuation of about $US12 billion.

The cryptocurrency space has otherwise struggled this year, as the industry grapples with increased regulatory scrutiny around the world as well as security concerns, with hacks a persistent problem for exchanges. Thieves made off with almost $US500 million worth of tokens from Japanese exchange Coincheck in January, while most recently two Korean crypto bourses suffered cyberattacks in June.




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