The Bitcoin price zoomed from lows of USD 6260 from yesterday to USD 6,715.05 (as accessed on Coinmarketcap on 6:45 pm IST), its largest surge in two weeks. Positive news flow over last 24 hours has taken Bitcoin and crypto pricing soaring.
Bitcoin price fueled by Blackrock news
Bitcoin price saw a zoom upward as a piece of news came in that BlackRock, the USD 6.4 trillion giant and world’s biggest asset management company is looking to invest in cryptocurrencies. The news gave a booster of nearly USD 300 dollars to bitcoin. The report that featured on Financial News London on Monday cited sources close to the matter in claiming BlackRock had set up a working group to investigate cryptocurrencies and their underlying blockchain technology.
Although the stance was cleared up by Larry Fink as he appeared on Bloomberg and gave a statement that
“We are looking at it and as I have said in the past, we are very excited about blockchain technology.
“That is where we are looking at it even in the Aladdin universe with what we are trying to do there so we are looking at blockchain technologies.”
He also added that
“We are studying it and we are looking at how they perform and we are looking at that type of data as we understand it as we think about other products but right now, worldwide I have not heard from one client that needs to be in it right now.”
Till Larry clarified the news cryptocurrencies especially the bitcoin had already got a growth injection.
G20 countries provide the additional push
Bitcoin held its position where the Blackrock news had taken it too. Before a fall could have happened on the charts the Financial Stability Board (FSB) sent the prices upward by delivering a framework for the world’s leading G20 countries to “monitor the financial stability implications of crypto-assets markets.”
Dismissing the idea of crypto sparking the next global financial meltdown the FSB said that cryptocurrencies like bitcoin “do not pose a material risk to global financial stability” but they fully support their “vigilant monitoring.”
The FSB is a global body that screens the global financial system and reports back to the G20 through dialogue with governments and central banks.
The FSB’s positive report on crypto gives another positive to central banks and regulators looking to formalize regulations in the countries and push forwards a set of rules that will create trust and give further transparency to an emerging area of global finance.
Other news that kept the markets in the green territory was that Jihan Wu and Peter Thiel make an investment in the Block.one Crypto, company behind the EOS token. Block.one is an important player in the virtual currency market. At the moment, EOS is the 5th most important virtual currency in the market with $7.08 billion dollars’ market capitalization.
If this positive news flow continues it will take the BTC prices up to USD 7000 the next logical support for what is expected to be an area where uncertainty would be at its lowest, which will give bulls confidence and may result in a short bull rally.
What do you think of the BTC prices in short term? Do let us know your views on the same.