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.
Related: SEC Postpones Decision on Direxion Bitcoin ETF to September
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.
Related: VanEck Addresses SEC Concerns on Bitcoin ETF
On Tuesday, Bitwise Asset Management, the investment firm that pioneered the first privately-offered cryptocurrency index fund, said it filed plans with the Securities and Exchange Commission to possibly launch the Bitwise HOLD 10 Index Cryptocurrency Fund. That is latest sign of growing momentum for bitcoin ETFs and widely seen as a positive for prices of the digital currencies.
“Not only that, but everyone also believes that the regulatory clarity that is expected in the next few months might bring BTC back to its peak, and return its price of $20,000 per coin. The new development is also expected to attract new institutional investors, even those who were purposefully hesitant to join the crypto trend up to this point,” according to Global Coin Report.
For more information on the cryptocurrency market, visit our Bitcoin category.