BlackRock interest in cryptocurrencies drives Bitcoin prices up by 5{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c}

BlackRock interest in cryptocurrencies drives Bitcoin prices up by 5{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c}

BlackRock interest in cryptocurrencies drives Bitcoin prices up by 5{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c}

Prices of Bitcoin were close to $8,000 as the fair-weather coin sustained its 20-percent rally last week, on the back of BlackRock’s likely ETF as early as August this year.

Digital currencies have shown an upswing in the past few weeks. It went past the $7,000 mark early last week and showed signs of the further surge as prices opened at $7,700 on Monday. Analysts attribute the revival of prices of this bitcoin was largely due to the largest asset-management company, BlackRock, impending arrival in these market spaces.

Tracking FOMO

FOMO in the second weekend of July was without noticeable action, say market analysts. The action was limited, and the loss and gains eventually were balanced. The future momentum did not gain further, though markets did trend upwards to $280 billion.

Bitcoin closed much above resistance of $7,400, posting $7,450, a 1.7{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} gain in total. If pressure keeps, and buyer sentiment is positive, then the day should end closer to $8,000.

But the case was not the same with the closest sibling, Ethereum. The latest trading sessions for the stable coin has been very slow with negligible gains allowing it to edge by $465.

Stellar pulled up its performance over the week, even as most of the small tribe of coins closed close on its heels, at 7{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} higher on the day.

XLM is showing trading values of $0.295 and moved ahead of Litecoin, positioning itself 6th on the charts; with Stellar since Sunday has gained over 47{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} from $0.214 and Bitcoin rose to 5.3{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} for 3970 satoshis.

Cardano also showed many forward gains with 4{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} gains, while alternate coins in the top ten posted 2{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} and 3{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} gains.

Where other coins showed the steady pace of price rise, the price rush was more significant in the case of Bitcoin.

Data from CoinDesk reports that prices of Bitcoin rose by 5-percent to highs of $7,785.37 following up on last week’s 20{061760d9c36bcb9a73e64618185e598948b1074f596e9997513cec0fd049d84c} rise.  The $7,000 level benchmark breech is significant since it could be an indicator of the change of trends for virtual coins, marking a revival from their 2017-18 price falls.

The primary driver of the positive trend has been a sudden change of guard from the investor community. An unexpected announcement last week by one of the most respected investor institutions in the country, an asset-management firm, BlackRock has fired a new spark into the flat market prices of bitcoin. Cryptocurrency trading had witnessed a sudden-death situation, when prices in December 2017 crashed to $6,000 from a lucrative $20,000 earlier in the year. Early months of 2018 too showed slow upward movement from the low price levels, until BlackRock’s latest announcement.

Shot in the Arm for bitcoin

Though CEO of BlackRock, Larry Fink has only promised to start a “working group” to reconsider the benefits of blockchain it has come as a shot in the arm for the dwindling cryptocurrency industry. In fact, the largest ETF provider in the US was never overly enthusiastic about the cryptocurrencies and has called it “an instrument people use for money laundering.” A year later, a mere mention of an assessment group has led the price revival for the embattled virtual coin.