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The Bitcoin Price Is Up 10% In 24 Hours To Over $7000 — What’s Pushing It Up?

The Bitcoin Price Is Up 10% In 24 Hours To Over $7000 — What’s Pushing It Up?
17 Jul
9:42

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The bitcoin price has just jumped over the $7,000 mark for the first time in over a month following an incredible week for bitcoin developments.

The price has risen almost 10% in just one hour following a raft of positive news for bitcoin and cryptocurrencies. Elsewhere, other coins ether, ripple, lite coin, and bitcoin cash have all added between 5% and 10% over the last 24 hours, according to CoinMarketCap data.

As a result of the near $600 price jump, bitcoin added some $9 billion to its market cap in a matter of minutes.

Today saw the appointment of David Solomon as the new chief executive of US investment bank Goldman Sachs, who’s currently the firm’s current chief operating officer. Last month Soloman said Goldman is looking in to adding further bitcoin and cryptocurrency services.

He will take over from current Goldman CEO Lloyd Blankfein in October.

Many bitcoin faithful are hoping that as the mainstream financial services industry bets on bitcoin, the price will rise back to levels last seen in December last year — and possibly higher.

Here are some of the other things that have been pushing up the price of bitcoin and other cryptocurrencies in recent days.

Bitcoin hasn’t been above $7,000 since early June.CoinDesk

BlackRock’s interested in bitcoin and crypto

The world’s biggest asset manager BlackRock has set up a working group to investigate ways it can take advantage of the fast-growing bitcoin and cryptocurrency market.

BlackRock exploring crypto assets comes as no surprise and is definitely a positive development for the crypto market. As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space,” said Chris Yoo, portfolio manager at Black Square Capital.

Larry Fink, the chairman and CEO of BlackRock, has previously railed against bitcoin, calling it an “index of money laundering.”

London’s Financial News first reported the story and Fink later confirmed the report in an interview with Reuters.

Fink told Bloomberg:

We are looking at it and as I have said in the past, we are very excited about blockchain technology.

That is where we are looking at it even in the Aladdin universe with what we are trying to do there so we are looking at blockchain technologies. We are studying it and we are looking at how they perform and we are looking at that type of data as we understand it as we think about other products but right now, worldwide I have not heard from one client that needs to be in it right now.

FSB backs bitcoin

International financial watchdog, the Financial Stability Board (FSB), yesterday released a report that found bitcoin and cryptocurrencies do not currently pose a material risk to the global financial system.

According to a report published by the watchdog, cryptocurrencies “do not pose a material risk to global financial stability at this time.”

Meanwhile, the FSB — which has members from the G20 major economies, the European Commission — said it planned to monitor cryptocurrency assets at banks and the world’s largest financial systems.

Steven Cohen invests in crypto hedge fund

Billionaire Steven Cohen, the founder of Point72 Asset Management, is reportedly getting on the bitcoin bandwagon with an investment in crypto hedge fund Autonomous Partners.

Cohen would be investing in the crypto hedge fund through his private investment vehicle, Cohen Private Ventures, it was reported by Fortune last week.

Autonomous Partners launched in December and is led by early cryptocurrency investor Arianna Simpson.

The fund boasts funding in the low eight digits from investors such as Coinbase CEO Brian Armstrong, Union Square Ventures, and Craft Ventures.

“I’ve only brought on partners that I think can be very much value-add beyond their capital,” Simpson told Fortune.

Source: https://www.forbes.com/sites/billybambrough/2018/07/17/the-bitcoin-price-is-up-10-in-24-hours-to-over-7000-whats-pushing-it-up/

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