The Bitcoin Price Is Up 10% In 24 Hours To Over $7,000 — What’s Pushing It Up?

By July 17, 2018 Ripple
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The bitcoin price has just jumped over the $7,000 mark for the first time in over a month following an incredible week for bitcoin developments.

The price has risen almost 10% in just one hour following a raft of positive news for bitcoin and cryptocurrencies. Elseswhere, other coins ether, ripple, lite coin, and bitcoin cash have all added between 5% and 10% over the last 24 hours, according to CoinMarketCap data.

Today saw the appointment of David Solomon as the new chief executive of US investment bank Goldman Sachs, who's currently the firm's current chief operating officer. Last month Soloman said Goldman is looking in to adding further bitcoin and cryptocurrency services.

Here are some of the other things that have been pushing up the bitcoin and cryptocurrency price in recent days.

BlackRock's interested in bitcoin and crypto

The world's biggest asset manager BlackRock has set up a working group to investigate ways it can take advantage of the fast-growing bitcoin and cryptocurrency market.

Larry Fink, the chairman and CEO of BlackRock, told Bloomberg:

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. 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.

FSB backs bitcoin

International financial watchdog, the Financial Stability Board (FSB), yesterday released a report that found bitcoin and cryptocurrencies do not currently pose a material risk to the global financial system.

According to a report published by the watchdog, cryptocurrencies "do not pose a material risk to global financial stability at this time."

Meanwhile, the FSB — which has members from the G20 major economies, the European Commission — said it planned to monitor cryptocurrency assets at banks and the world's largest financial systems.

Steven Cohen invests in crypto hedge fund

Billionaire Steven Cohen, the founder of Point72 Asset Management, is reportedly getting on the bitcoin bandwagon with an investment in crypto hedge fund Autonomous Partners.

Cohen would be investing in the crypto hedge fund through his private investment vehicle, Cohen Private Ventures, it was reported by Fortune last week.

The price has risen […]

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