Why Did Bitcoin Spike Past $7,400? Full Story

The price of Bitcoin jumped by more than 10% yesterday, July 17 to see the digital asset cross the $7,000 mark for the first time in more than 30 days.

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The cryptocurrency market led by Bitcoin has flown back up, recording significant gains over the last three days.

The price of Bitcoin jumped by more than 10% yesterday, July 17 to see the digital asset cross the $7,000 mark for the first time in more than 30 days.

This was due to the announcement that BlackRock, the largest investment manager in the world, is exploring cryptocurrencies and distributed ledger technology. Participation by BlackRock can bring in billions of dollars to the industry.

Similarly, the hike continued in the early hours of today, as Bitcoin recorded a trading value of over $7,500 before stabilizing around the $7,400 mark.

The value of Bitcoin has risen by over 16% in the last 72 hours; adding over $1,000 in the process. As at the time of this writing, Bitcoin is trading at $7,427 USD.

Many crypto analysts are attributing the surging price of Bitcoin (BTC) to some high-profile endorsements Bitcoin and the entire crypto space has received from the financial industry over the last one week. Amongst many are the following.

Blackrock announces that it has been exploring cryptocurrencies

On Monday, July 16, asset-management giants Blackrock announced that it had set up a working group to look into cryptocurrencies and blockchain.

According to a CNBC report, the working group has existed since 2015 but was only revealed over the course of the past few days.

The announcement was made on the same day Bitcoin started its upward run. The announcement saw Bitcoin hike further to extend the gains which it accumulated on Monday.

Goldman Sachs appoints crypto-friendly CEO

In another high-profile endorsement, Wall Street’s giant Goldman Sachs has appointed a new CEO following the official statement of the retirement of Lloyd C. Blankfein who served as Chairman and Chief Executive Officer (CEO) of the bank.

According to the official PR dated July, 17, Lloyd C. Blankfein will retire on September 30, 2018.

In his stead, the Board of Directors of Goldman Sachs Group, Inc. has appointed David M. Solomon to succeed him in both positions effective from October 1, 2018.

Unlike Blankfein who is rather restrained in his statement about Bitcoin, his successor David M. Solomon has always been avid and positive about cryptocurrencies.

Goldman Sachs already allows clients to trade on Bitcoin, and the appointment of David could have a more positive impact on Bitcoin.

BitPay Payment Processor Receives BitLicense from NYDFS

BitPay has become the first payment processor to receive a BitLicense in New York.

A BitLicense is a special virtual currency license issued by the New York Department of Financial Services (NYDFS) and required by NY-based companies to operate.

The BitLicense will allow BitPay to offer clearing and settlement services to any New York-based company that wants to make transactions with cryptocurrencies.

The services BitPay can now offer in New York include; payments, storing, holding, selling and buying virtual currencies.

New York has one of the strictest policies regarding the use of cryptocurrencies in the state.

BitPay’s approval by the NYDFS is not only an important feat but coming at a time when the crypto market is forcing a comeback increases the significance of the BitLicense received by BitPay.

Coinbase acquisition of Keystone Capital receives FINRA approval

Cryptocurrency exchange and brokerage giant Coinbase announced that it had received approval to acquire three companies including Keystone.

While the initial announcement stated that Coinbase has gotten SEC, it was later uncovered that the exchange giants have only been cleared by the Financial Regulatory Authority (FINRA) to buy Keystone Capital, Venovate Marketplace Inc., and Digital Wealth LLC.

The acquisitions of these firms fall into Coinbase’s future plans of listing cryptocurrencies that are deemed as securities by regulatory bodies.

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