Bitcoin (BTC) prices soared past the US$7,500 marker earlier today as the crypto market continues to go green.
BTC surged by 10% in less than an hour on Tuesday. It’s the second time this week that bitcoin has shot up in price, helping its value go up by around US$1,200 over the last six days.
Other major cryptocurrencies received a boost off the back of BTC's resurgence, with
Ethereum (ETH),
Ripple (XRP), and
B Cash (BCH) all rising by between 5 and 8% over the last 24 hours. But the most significant gains were experienced by
Stellar (XLM) and
Cardano (ADA), which rose by 22 and 16% respectively.
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So what’s causing the cryptocurrency to rise?
Many experts are attributing BTC’s sudden rise to a number of high-profile endorsements from the financial world. The new chief executive of US investment bank Goldman Sachs is reportedly interested in the market.
Upon receiving his appointment,
David Solomon said Goldman would be
looking to add more bitcoin and cryptocurrency services in the future.
Alongside this, giant hedge fund management firm
BlackRock has been quietly building a taskforce to investigate the uses of bitcoin and blockchain in the market.
As well, international financial watchdog, the
Financial Stability Board (FSB),
released a report yesterday that found Bitcoin and other cryptocurrencies do not currently pose a material risk to the global financial system.
Meanwhile, the FSB – which has members from the G20 major economies and the European Commission – said it plans to monitor cryptocurrency assets at banks and the world's largest financial systems.
Should these big-time investment firms put their trust in digital currencies, traders could see prices soar past last year’s highs which rocketed above and beyond US$17,000 in December 2017, or even as much as US$25,000 which has been
touted as possible by some experts.