Bitcoin and other cryptocurrency prices saw a steep rise on Tuesday, July 17th. Bitcoin prices went up by more than 10% and other coins, particularly EOS, stellar and Bitcoin Cash also saw double digit price gains. Although it is impossible to establish why the markets saw a surge this week, many of these assets are sustaining their gains, which points towards a possible shift in market sentiment after a 7-month long bear market.
Possible Reasons for Recent Price Increases
Coverage about the Chartered Financial Analyst or CFA program adding blockchain topics to its curriculum section, shows mainstream might finally be coming to terms with Bitcoin and other blockchain-powered assets. This move reassures the market. The CFA program attracts over 100,000 people for accreditation per year. Approximately half the candidates were not able to pass the first round of testing, which will make the inclusion of blockchain topics an additional challenge.
Continuing along the lines of mainstream Bitcoin and altcoin acceptance, Coinbase, one of the world’s largest cryptocurrency gateways, got approval to list securities. This is a further indication that mainstream is finding more ways to interact with cryptocurrency markets legally and overtly. This is especially important for ICOs that would like to gain the stamp of approval from certain regulators like the SEC.
More Institutional Investors
Mainstream acceptance, interest and integration does not stop there. Asset management giant Black Rock is looking into cryptocurrencies. A report states that BlackRock started looking into blockchain and cryptocurrency. This coincides with rising Bitcoin and altcoin prices, although Black Rock’s conclusion on cryptocurrencies is not very bullish. In an interview with Reuters, BlackRock CEO Larry Fink said, “We are a big student of the blockchain,” but doesn’t see “huge demand for cryptocurrencies”.
Chris Yoo, a portfolio manager at Black Square Capital Management LLC is more positive than BlackRock: “As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space.”
Bitcoin Off All-Time Highs
However, Bitcoin and other altcoins are still far away from their all-time highs. The fact that they are sustaining their gains so far could be a good sign of things to come. Nevertheless, nothing guarantees that markets will extend their gains further in coming days. At this point, it seems that the best enthusiasts can hope for is the establishment of a higher support level.