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3 Reasons why Bitcoin price crossed $8350 USD
Bitcoin price soared past $8350 USD today and is up more than 20% in a week sending wave of excitements back to the crypto communities and investors. To add on to the good news, the price surge is still showing no sign of weakness and some speculators are already predicting the price will hit $10000 in a few days.
So what exactly was the reason for the increased market optimism? Let's get one thing perfectly clear, it was not due to only one single factor. Here we look at the reasons of the price gains:
1. Bitcoin ETF
News emerged that bitcoin ETF will likely be approved and once it does, it will open bitcoin up for investments on a scale never seen before. The news came from two sources as reported by ICO Journal, the first from an officer of Commodity Futures Trading Commission (CFTC) who stated that he is 90% certain it will be approved now that the crypto markets have moderated and bubble/harm factors of quickly approved product seems to have been mitigated significantly.
The second source is from a former SEC employee that had left around two weeks ago, who informed that he expects a positive outcome on the ETF decision in September “or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space."
2. Facebook and Google backtrack on Cryptocurrency Ads Ban
Both Google and Facebook had reversed their decision on cryptocurrency ads ban. Social media giant, Facebook white-listed Coinbase cryptocurrency exchange allowing crypto-related ads from the company to be posted on the Facebook platform. Shortly later, Coinbase advertisements started appearing in Google search results.
Bitcoin price rose significantly after BlackRock. Inc. announced that they are evaluating blockchain technology and cryptocurrencies like bitcoin as reported by Nasdaq, the second largest exchange in the world by market capitalization.
BlackRock is the largest ETF provider and asset manager in the world with about $6+ trillion worth of assets under their management, hence whatever technology the organization is studying in will likely bring strong interests from investors around the world.