The cryptocurrency market appears to finally be back on the mend today, as prices creep back up.
Most major tokens are down slightly on the day, despite making big gains on a disappointing week.
The largest cryptocurrency, bitcoin, typically dictates how well the rest of the market does, with BTC losing 1.22 percent to trade at $7,349.31.
Ethereum fell 5.04 percent to trade at $478.79, Ripple is going for $0.482183 and Litecoin took a tumble of 4.59 percent to trade at $87.46.
But positive headlines surround the cryptocurrency market despite the small drop in price.
How is the cryptocurrency market performing now?
The cryptocurrency market was buoyed this week with news that two major investment firms were exploring opportunities with cryptocurrencies.
The recent appointment of Solomon to Goldman Sachs has proved to be a positive move for digital token traders.
Mr Solomon claimed he was keen to explore cryptocurrencies and that the financial giant would be making moves in the digital assets.
Alongside this, BlackRock, the second biggest hedge fund management firm, announced it has been investigating cryptocurrency assets since 2015.
Mon, March 12, 2018
Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year
The firm, which manages more than $6 trillion, said it has built an investigation team three years ago, with the plan to invest at some point.
The price of cryptocurrencies rose significantly in the days following these two announcements, but today’s prices have dropped off slightly.
The drop in price has not switched off Barry Silbert, the founder and chief executive officer of venture capital Digital Currency Group.
Speaking at the Delivering Alpha Conference in New York on Wednesday, Silbert said that he thinks “we’ve probably hit the bottom for the year. I actually put some money into Bitcoin last week.”
He added: “As an asset class it is here to stay … I’m 100 percent confident a decentralized, non-fiat form of money is here to stay.”
These ringing endorsements only help the crypto world as prices surge up towards the previous 2018 peak.
Tom Lee, CEO of Wall Street hedge fund FundStrat, predicts bitcoin prices will surge past $20,000 by the end of 2018, and if such giants of finance move into the space, it is easy to imagine how.
However, a US lawmaker has called for a blanket ban on cryptocurrency buying - which may explain the small drop in price today.
Congressman Brad Sherman – who back in March called cryptocurrencies "a crock" – this week went so far as to advocate keeping Americans out of the market entirely, during the Wednesday hearing of a subcommittee for the House of Representatives Financial Services Committee.
Mr Sherman said: ”We should prohibit U.S. persons from buying or mining cryptocurrencies."
Most major tokens are down slightly on the day, despite making big gains […]