Bitcoin’s recent price surge has taken the dominant cryptocurrency back above the $8,000 level, prompting some crypto market analysts to speculate that the next major hurdle to climb for bitcoin is $10,000.
As of this writing, bitcoin is trading above $8,100 with a market value just north of $140 billion. Increasing interest from investment giant BlackRock could be fueling speculation as the world’s largest asset manager ($6.3 trillion in assets under management) is assembling a team tasked with finding opportunities within the cryptocurrency space.
Additionally, perceived momentum for the approval of a bitcoin-related exchange traded fund in the U.S. is pushing the largest digital currency higher.
“Bitcoin has led the bull run and has exceeded $8,000. This is the first real increase since the beginning of 2018 and the first time that BTC’s value has gone above $8,000 in the last two months. Bitcoin enthusiasts, analysts, as well as the hedge fund manager and billionaire, Mike Novogratz, claim that the next big milestone for BTC is $10,000,” according to Global Coin Report.
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Favorable Bitcoin Headlines
Other positive news fueling the rally is renewed optimism after Bitmain, a China cryptocurrency mining rig maker, accomplished another investor funding round,. The company was reported by Chinese financial news outlet Caixin to have raised $300 million to $400 million at a valuation of about $12 billion.