What’s The Reason Behind The Latest Bitcoin Pump?

It’s really exciting again on the crypto market. The price jumped again over $7.000 for the first time in a month. There was a 10% rise in just an hour which led to multiple positive news about cryptocurrency and bitcoin itself.  As a result to this rise, bitcoin just gained $9 billion to its market cap.

Here we will discuss some of the possible reasons why this might have happened.

Just a few days ago, David Solomon was placed as a new chief executive of US investment bank Goldman Sachs. They announced that they are working on adding more bitcoin and cryptocurrency services. Many believe because of these actions, if the mainstream financial entities massively accept bitcoin, the price will get to where it was last December and even higher.

Other reasons for the increase in price include:

BlackRock says they are establishing a crypto working group. Here’s the original statement: “And now, as Financial News reports, the world’s largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures. It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.”

Bloomberg posted an exclusive as Coinbase allowed for popular crypto exchanges to list coins. “Coinbase Inc., one of the most popular cryptocurrency platforms, said it got the green light from U.S. watchdogs to move forward with a trio of acquisitions that will allow it to become one of the first federally regulated venues for trading digital coins deemed to be securities.”

Last, Robinhood also announced that they are planning on listing more coins on their commission-free platform. They said that Bitcoin Cash and Litecoin are now added for Robinhood users, which also means that they have now more than 5 million users on the platform.