3 reasons why bitcoin is on a rise.
The price of bitcoin (Bitcoin) has stabilized at a level above $6,600. The last time the cryptocurrency was at that level was on 10 July.
And a rise in the price of bitcoin has come off the back of a whole barrage of good news for the crypto world as big financial players are becoming increasingly interested in cryptocurrencies.
BlackRock to Explore Crypto
One of the largest investment firms in the world - BlackRock which controls around $6.3 trillion worth of funds has formed a working group to evaluate the cryptocurrency market. The team will be tasked with finding out if BlackRock should invest in bitcoin futures while analyzing the potential of cryptocurrencies and blockchain technology.
This development provided an upward jolt to the cryptocurrency especially given that in the past CEO of BlackRock, Larry Fink talked unfavorably about bitcoin.
Steven Cohen Gets Into Crypto
As insider.pro reported earlier, Stephen Cohen has recently invested in the Autonomous Partners hedge fund on behalf of his Cohen Private Ventures company. The hedge fund is crypto and blockchain oriented. The amount Cohen’s company has invested in the fund are not revealed. Autonomous Partners Foundation, which was launched in 2017, by the crypto-enthusiast Arianna Simpson, who got funding from Brian Armstrong, the CEO of Coinbase and David Sachs, the co-founder of Craft Ventures.
CBOE Wants Bitcoin-ETF
The Chicago Board Options Exchange (CBOE) Global Markets has filed for an application to the U.S. Securities and Exchange Commission (SEC) to begin trading Bitcoin Exchange-Traded Fund (ETF’s). According to documents published by SEC, bitcoin shares will be backed by a blockchain firm SolidX and VanEck asset management company. The fund will trade in SilidX Bitcoin Shares, and its assumed that the price of one share will stand at 25 BTC. Even if CBOE receives a positive response right away, the bitcoin-ETF will not be launched before the first quarter of 2019.