BITCOIN is heading towards $8,000 after bouncing back well following a sharp sell-off over the weekend. With prices now expected to rise, one crypto expert has claimed, “we might just be on the cusp of the largest bitcoin bull run in history.”
Bitcoin is priced at $7,697 this morning after recovering from a sharp plunge to $7,399 on Sunday, wallet-holders are now hopeful for a return to $8,000 after an unexpected spate of positive headlines shifted the market sentiment in a year dominated so far by bad news.
BTC, the number one digital currency by market capitalisation, plunged 3 percent over the weekend after a sharp selling period dragged the market down.
However, the swift recover on Monday quickly added $300 following last week’s positive news from Blackrock, the world’s largest asset manager, and the Financial Stability Board (FSB) sent investors the the clearest signal yet that both institutional investors and regulators are set to bring cryptocurrencies closer to mainstream finance.
Following the recovery, Matthew Greenspan, senior market analyst at eToro tweeted this morning: “We might just be on the cusp of the largest bitcoin bull run in history.”
On how the recent headlines have influenced bitcoin’s price, Romal Almazo, Cryptocurrency Lead, Capco told Express.co.uk that tier 1 banks and financial institutions are exploring their options.
He said: “Blackrock really stands out to me as the arrival of institutional money will be a game changer. People need to remember that the crypto market is still less than 1 per cent of the daily volumes of the FX market.
“Any signs of the big players entering the market will cause huge waves. Though my personal belief is that we are still a few years away from reaching this tipping point, we are in what I would refer to as an exploratory phase when it comes to institutions and crypto.
courtesey
express