Bitcoin Price Shoots to $8000 After Consolidating for Over a Long Time
Bitcoin finally ends its long-time consolidating phase below $7,000 level as the price of the cryptocurrency is seen shooting to $8,000 levels. As per out data, Bitcoin having made its intraday low of $6,805, took a huge jump of $1,200 making a high of $8,020. The market cap of the cryptocurrency has also surged above $130 billion.
The stifling regulations from the start of 2018 had pushed Bitcoin into endless cycles of clampdowns and laid back performances. Today, on Thursday April 12, in just a matter of 30 minutes Bitcoin price gained by over 15% bring positivity and euphoria back in the crypto markets. Along with Bitcoin, other altcoins are showing similar movements as the crypto market has managed to bring smiles back to the faces of crypto enthusiasts.
Currently, at the press time, Ripple is seen trading at $0.55 and Ethereum at $464. In the recent days, there have been a lot of news on institutional investors looking to venture in the crypto space and analyst have been talking about giants from the Wall Street preparing to inject “liquidity” in Bitcoin.
The arrival of the institutional investors to crypto is great news as this will help to install the lost enthusiasm within retail investors that has been almost lost due to the mounting regulatory pressures, worldwide.
Over the last week, we have been reporting some important news and events taking place in the crypto space. It all started last weekend when reports of the richest hedge-fund titan and billionaire investors George Soros planning to enter the crypto market in short time. Reports stated that Adam Fisher - the New York-based Soros Fund Management who looks after overseas macro-investing has secured an internal approval to trade in digital currencies.
Soon after this announcement, the Rockefeller Foundation announced that it will be going long in the crypto markets by investing in its through its venture capital arm ‘Venrock’ in a partnership with Coinfund.
Moreover, just two days back there were also reports of Richard Kim - executive director of Goldman Sachs London - leaving the banking giant to join Mike Novogratz for his cryptocurrency merchant bank to be launched ahead this year. However, this is not uncommon with Goldman as in the past many executives have been seen leaving the bank for their crypto pursuits.
It looks like big players from the industry are betting huge on the future of crypto and are waiting for the regulatory measures to settle and be clear, post which they can take concrete decisions.