Bitcoin Marks 6-wk Highs on Bullish Sentiment
Bitcoin (BTCUSD) marked 6-wk highs Tuesday on Bullish headlines that included the possible entry of major financial institutions into the nascent asset sector, boosting sentiment on the overall cryptocurrency market.
The world’s largest cryptocurrency gained after a 50% Fibo correction in Q-1 of this year, following a 1,400% Bull Run in Y 2017.
Bitcoin has risen in 6 of the last 7 sessions.
Currently, Bitcoin is trading at: $9,177.5352,-66.46, or -0.72%, as of 5:56a BST, the market is open
Bitcoin’s gains increased demand for other cryptocurrencies such as ripple and ethereum, pushing the market capitalization of all digital currencies to $427-B, the largest market cap since early March.
Blockchain, a digital ledger of transactions, underpins cryptocurrencies, and can be used to track, record, and transfer assets across all industries.
News that major financial institutions are becoming more Bullish about the space has bolstered the confidence of retail investors.
Goldman Sachs enlisted Justin Schmidt, a former trader, to be the 1st head of digital asset markets in the company’s securities division.
Barclays Plc has been gauging interest from its clients about launching a cryptocurrency trading desk.
It was reported Tuesday that at least 1 in 5 financial institutions is considering trading cryptocurrencies within the next 12 months, according to a survey published by Thomson Reuters.
Among those respondents who said they were willing to trade cryptocurrencies like Bitcoin, 70% said they were planning to start trading in the next 3 – 6 months, the survey showed.
Over the past 24-hrs $28-B has exchanged hands the largest trading volume since 10 February according to the data.
Cryptocurrency market participants point out that challenges in the asset sector such as increased regulatory focus are not going away any time soon and may take a long time to resolve.
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