Bitcoin rises 5% overnight, with rumours that a major financial name is to enter the cryptocurrency market…
After a bumpy couple of weeks for cryptocurrencies, that’s seen headline-grabber Bitcoin fall briefly below the $6,000 mark, there’s now been signs of a resurgence.
Overnight, the price of Bitcoin jumped over 5%, and it’s now sitting at $6,725. Other coins have enjoyed similar bumps, with XMR up over 11% and Dash up over 8%. It’s rare to see the board look green first thing in the morning.
The catalyst for the jumps appears to be the news that BlackRock, a huge name in finance of course, is looking to get into cryptocurrency. That it’s put together a group of people to look at investing in Bitcoin futures, and to interrogate the possibilities of blockchain technology.
The news is certainly a shot in the arm for cryptocurrencies at a point they could use it. Over the past few weeks in particular, the majority of headlines have been miserable ones. The interest of a name such as BlackRock can do much to inspire confidence in thus-far unconvinced investors.
Whether the bump in crypto prices proves temporary remains to be seen, of course. But few investors will quarrel with the last 24 hours.