Bitcoin Posts A Healthy Recovery, Shoots Past $7400
Bitcoin investors and enthusiast finally had a sigh of relief on Tuesday, July 11, when the world’s largest cryptocurrency posted over 10% gains to surge past $7400. According to the monthly charts for Bitcoin on WorldCoinIndex, this is for the first time that the cryptocurrency has moved over its crucial resistance of $7000.
The price rise in Bitcoin managed to bring an overall euphoria across the cryptocurrency market. The overall cryptocurrency market surged by nearly $20 billion in a single day as other popular altcoins like Ether (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH) posted nearly 5-10% gains.
It seems that the latest recovery in the crypto market is back by several reports in the last few weeks of institutional investors showing some good amount of interest to join the cryptocurrency space. Much recently, the investment banking giant Goldman Sachs appointed David Solomon as its new CEO. Solomon is much optimistic about the crypto space and said that the bank is looking forward to adding bitcoin and other cryptocurrency services soon.
Just yesterday, we reported that the G20 advisory board - The Financial Stability Board (FSB) has released new framework for monitoring of digital currencies. The FSB in its report findings mentioned that the regulatory body, at this moment, doesn’t see any potential threat by cryptocurrencies to the global financial economy.
The report mentions: “Crypto-assets do not pose a material risk to global financial stability at this time. Monitoring the size and growth of crypto-asset markets is critical to understanding the potential size of wealth effects, should valuations fall.”
The G20 advisory body, however, said that it is going to have a strict and vigilant monitoring over the functioning of the crypto space.
Another important news that pumped up the morale of the crypto investors was asset management giant BlackRock showing willing to study and invest in different cryptocurrency investment vehicles. Richard Turnill, BlackRock’s global chief investment strategist talked about the current scenario of the cryptocurrency space and considers that it is too volatile and risk at the moment.
Turnill said that he would appreciate some regulatory intervention in the crypto and the blockchain space to ensure a smooth and clean development going ahead. He said: "We see cryptocurrencies potentially becoming more widely used in the future as the market matures. Yet for now we believe they should only be considered by those who can stomach potentially complete losses. Similarly, blockchain needs to overcome significant hurdles to reach its promising future.”