The cryptocurrency market as a whole is seeing substantial increases today, which continue yesterday’s positive momentum. Moreover, this comes on the heels of a veritable flurry of positive news, which may indicate that the latest downtrend in cryptocurrencies may have been broken.
More specifically, at the time of writing Bitcoin is trading at more than $7,300. This represents a daily increase in excess of 10% and comes following yesterday’s significant gains which saw Bitcoin reclaim the $6,600 barrier.
This means that Bitcoin’s weekly and monthly gains are now net positive, and the cryptocurrency has soared above its other recent high on the 8th of July.
Nonetheless, Bitcoin is not the only cryptocurrency experiencing impressive gains. Nearly all major cryptocurrencies are, at the time of writing, seeing gains over the last 24 hours between 5% and 10%.
Although no single positive piece of news seems to be single-handedly responsible for this drastic increase in the price of most cryptocurrencies, it would seem as if it is, instead, the result of market sentiment reflecting the avalanche of positive cryptocurrency-related news seen the last few days.
Toshi Times has previously covered how the $6.3 trillion asset management behemoth BlackRock is reportedly now exploring Bitcoin.
Although significant all on its own, this positive piece of news has been joined by an influx of similarly encouraging reports, such as the public launch in Japan of a cryptocurrency exchange backed by the massive SBI Holdings bank.
Moreover, MasterCard has recently secured a US patent for a method intended to accelerate cryptocurrency payments. The patent goes on to highlight the increased usage of cryptocurrencies over fiat currencies due to security and anonymity concerns.
The fact that MasterCard, a leading payments and technology company, is showing intense interest in cryptocurrencies is yet another good sign for the state and future of cryptocurrency adoption.
In addition to this, cryptocurrency platform Coinbase recently received approval from US authorities to acquire three firms, effectively allowing Coinbase to offer security tokens.
Furthermore, this places Coinbase under federal oversight, and gives Coinbase the licenses needed to operate as a broker-dealer.
The Chicago Board Options Exchange (CBOE) has also recently applied to the SEC for creating a Bitcoin ETF (exchange-traded fund), which Toshi Times previously reported on. If approved, this would allow for institutional investments to flood into Bitcoin, and presumably follow to other cryptocurrencies as well.
As the Security and Exchange Commission pores over whether to approve a Bitcoin ETF or not, CNBC recently reported how the chairman of O’Shares publicly stated that Bitcoin ETFs would be beneficial for the market as a whole.
It was also not long ago announced that the Chartered Financial Analyst exam, which is a prerequisite for receiving the Wall Street-preferred ”CFA charter”, will include cryptocurrency-related questions starting in August of 2019.
This speaks volumes regarding how Wall Street is reportedly beginning to warm to the notion of cryptocurrency and blockchain technology.
It remains to be seen whether this upswing continues over the coming days, but things are currently undoubtedly looking very promising for the cryptocurrency market as a whole.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.