Nonetheless, Bitcoin shrugged off naysayers, climbing about 10% higher within the past 24 hours to its current price of $7,401.58 as of 11:30 a.m. ET. Since the start of the year, Bitcoin has fallen by about 50% in a massive sell-off after hitting the $20,000 price mark in late December 2017.
The recent uptick may be attributed to positive news surrounding Bitcoin as of late, including investment management giant BlackRock assembling a team that would evaluate cryptocurrencies for possible opportunities.
“Markets have been reacting to a number of positive pieces of news, mostly circling around big names such as BlackRock,” said Ryan Rabaglia, head trader with cryptocurrency dealing firm Octagon Strategy Ltd. in Hong Kong. “With any indication of institutional interest in this space comes positive price action, even if it’s unclear in nature. The market just eats it up.”
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