By Chima Akwaja
Bitcoin, the world’s largest cryptocurrency has traded above $7,400, posting an 11 per cent jump just as the digital currency market added $25 billion to reach a market valuation of $297 billion. With the good news of growing institutional involvement in the crypto space, Bitcoin was trading at $7455.46 as at press time according to the data on CoinMarketCap.
This is the first time in the last one month that Bitcoin crossed the crucial resistance of $7000. The rise in the Bitcoin price has brought an overall cheer to the cryptocurrency market. All other major altcoins like Ether, XRP, Litecoin, and Bitcoin Cash have surged in between 5-10 per cent. The overall cryptocurrency market valuations have grown by nearly five per cent as the market has added more than $25 billion in the last 24-hours. Some positive news from the institutional space has swept the crypto market.
World’s largest asset management giant with over $6.3 trillion valuation – BlackRock is planning to dig in the cryptocurrency space. The company is exploring several ways as to how it can venture into different crypto investment vehicles like Bitcoin futures and others. Last week Fortune reported that billionaire investor and founder of asset management company Point72 – Steven Cohen is planning to join the crypto party very soon.
As per the reports Cohen is planning to invest in crypto hedge fund Autonomous Partners. The report also states that the investment in the crypto hedge fund will be coming through Cohen’s private investment vehicle, Cohen Private Ventures. Another vital news yesterday was that the G20 advisory board – The Financial Stability Board has released a framework for monitoring the crypto authorities. The G20 has concluded that cryptocurrencies don’t pose a substantial risk to the global financial markets, currently. This has certainly created some optimism in the crypto market which was hit with FUD relating to crypto regulations for a long time.