The price of bitcoin registered a jump of 700 dollars in few hours during this Tuesday, July 17, in a rebound that took the cryptocurrency of $ 6,700 to touch the $ 7,387. The quotation rose more than 10%, which boosted the market on a global scale with most of the crypts increasing their value.
With this boost, the total cryptoactive market reached a value of more than 294 billion dollars , according to CoinMarketCap . Which is represented in an increase of more than 5% in most of the cryptoactives on the market.
In a look at the most recent facts that could explain the rise of the cryptocurrency, we find several reasons that would be behind the impulse that bitcoin has taken . One of these could be the take-off of the micro-payment network over Bitcoin, Lightning Network (LN), which continues to expand. In fact, the network has already exceeded half a million dollars in its routing capacity .
The settlement of the Lightning Network is evidence that could be drawing the attention of investors who follow closely how this platform continues to develop. The fact that the network offers this advance counteracts one of the main criticisms that Bitcoin has had in terms of scalability, high commissions and slow transactions, which LN intends to mitigate.
Another reason that this bitcoin rise would be encouraging is the recent approval of the Securities and Exchange Commission of the United States (SEC), so that the Coinbase cryptocurrency exchange is in a position to list regulated tokens as values between the assets listed on your platform .
Although Coinbase did not receive the green light directly, it did so through the purchase of three companies that had the licenses of broker (BD), registered investment adviser (RIA) and alternative trading system (ATS). As reported by local media , Coinbase received the approval of both the SEC and the Financial Industry Regulatory Authority (FINRA). This event is a sample that cryptoactives are gaining more credibility.
OTHER ADS WITH POSSIBLE INCIDENCE
The range of possibilities that this increase has generated includes the announcement made this Monday by BlackRock, the largest share manager in the world, which ordered the creation of a work team to investigate which are the best ways to take advantage of the technology blockchain and the cryptoactives.
The intention of the management firm is to look at the entire ecosystem forest before a possible adoption of distributed accounting technology (DLT) for the formulation of new business models that allow it to obtain higher levels of profitability.
A fourth possible reason to explain the rise in the market, could be related to the request for the Investment Fund Quoted (ETF) for bitcoin, formulated by the Chicago Board Options Exchange (CBOE Global Markets) before the SEC.
To receive the approval, it would be opening a gate for institutional investors and high economic profile, which would further boost the value of bitcoin in the market.