Bitcoin Breaks into Pamplona Strides at over $8,200: Some Reasons Why

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Bitcoin Breaks into Pamplona Strides at over $8,200: Some Reasons Why

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With Bitcoin now at USD 8,219 at time of writing, it appears that the flagship digital currency could finally be back on a bull run. The predictions abound, but with 20% back on its price after a week, Bitcoin is making up some fast ground.

As with most things, the good news is always a boon for morale and the two months have certainly seen plenty of motivating factors capable of pushing the coin upwards. CoinMarketCap gives Bitcoin a 47% dominance rate, unseen since December last year when the landmark USD 20,000 valuation was reached.

Some of the factors contributing to the bull run must start with the US Securities and Exchange Commission’s (SEC) Bitcoin Exchange Traded Fund (ETF) talks which look set for approval, according to an unconfirmed report last week. According to Forbes, two sources at both the SEC and at the US Commodity Futures Trading Commission (CFTC) see the green light being given in mid-August. If so, purchasing of Bitcoin would become far simpler, which is bound to meet with crypto public approval.

As Bitcoin News reported last week, asset managing giant BlackRock is rumored to be considering moves into cryptocurrency. The company, which is the world’s largest asset manager with assets under management of over USD 6.3 trillion as of November 2017, is said to be putting together a team of experts in the field to investigate blockchain and cryptocurrencies.

Despite a denial of the rumors from its management, BlackRock did not rule out a future involvement. Its status as a hugely successful company will ensure that any move into the cryptocurrency arena is sure to have ramifications, with expectations that the company’s global assets could double by 2022.

Another jolt in the arm for the crypto space was the appointment of David Solomon as the next CEO of Goldman Sachs – a man who has publicly discussed the financial benefits of cryptocurrency trading. This, of course, on top of the announcement by Sachs itself in May that it plans to use its own money to trade in Bitcoin futures, after a decision by the investment bank’s board of directors following customer pressure.

In June, Sachs revealed that cryptocurrency trading could be a possibility in the future under its “evolve and adapt” policy. Former vice president of the Investment Management Division at the bank, Christopher Mattis, said in an interview on CNBC that he would invest his mother’s money into Bitcoin.

Regulatory news has also been good for Bitcoin in the last week with comments from G20 members of the international financial watchdog, the Financial Stability Board (FSB), reporting that cryptocurrencies posed no risk to the global financial system.

 

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