July 17, Bitcoin rate overcame the psychological mark of $ 7000 and rose to $ 7.400, so the growth was $ 600 in less than an hour.
Bitcoin rate rally
The altcoins rates are also growing. Many of them show a price increase of between 7-10%. The total market cap increased by almost $ 20 billion and amounted to more than $ 292 billion. The daily trading volume increased to $ 10.5 billion.
Let’s remind that the bitcoin rate showed growth yesterday, quickly gaining momentum and reaching $ 6,600. Many experts noted that this week Bitcoin will be traded within the limits of up to $6.8000, as there’s no inclination for for a more serious growth of Bitcoin price. However, on Tuesday the market overcame this barrier.
In April, the bitcoin rate jumped from $6,900 to $8,000 in half an hour. Subsequently, Bitcoin rate overcame the mark of $10.000. As experts say, Bitcoin can repeat a successful rally, provided that in the near future it will reach a mark of $8,000.
The growth of the bitcoin price is taking place against a background of a number of important news that large financial players are getting closer to cryptocurrencies and are ready to get a share of the market.
Possible reasons
On Monday it became known that one of the world’s largest investment companies BlackRock formed a working group to study the cryptocurrency market. One of its tasks will be the analysis of information on cryptocurrencies and blockchain and deciding whether BlackRock should invest in bitcoin futures.
Another potential cause could be an interview of Coinbase Vice President Adam White with CNBC. He noted that institutional investors can become the main reason for the next price rally of bitcoin. For 2017, White received dozens of appeals and proposals from major investment funds.
In addition, last week Cohen Private Ventures invested in the hedge fund Autonomous Partners. This hedge fund focuses on cryptocurrency and blockchain companies.
However, the most discussed news in recent days can probably the news that the CBOE has sent an application for the opening of another Bitcoin exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC). SEC will consider the application on August 10. In case of a positive decision, analysts predict a further rise of the Bitcoin price.
There were rumors that Amazon could integrate Bitcoin as a payment method. Anonymous source assures that Amazon will soon start taking bitcoin for payment. According to this source, Amazon is already discussing the economic and technical aspects of this issue.
