“The $6.3tn investment powerhouse has created a team from different parts of the business to investigate cryptocurrencies and their underlying infrastructure, blockchain, according to two people familiar with the matter,” reports Financial News.
Other positive news affecting BTC is the possible inclusion of five cryptocurrencies by Coinbase, the operator of one of the largest cryptocurrency exchanges–Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). In addition, Grayscale Investments LLC, an asset manager of almost $2 billion that specializes in cryptocurrency funds, reported that institutional investors are giving Bitcoin and other cryptocurrencies a closer look.
“This will truly be the ‘line in the sand’ so to speak as to whether BTC can begin a larger rally, or whether this will still take some time,” said Newton.
Despite the recent bull run by Bitcoin, the cryptocurrency is still down over 60 percent from its all-time high when it was trading around $20,000 in December of 2017. A mix of global news regarding cryptocurrency theft, fraud and manipulation have put downward pressure on prices.
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