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The rate of the most famous cryptocurrency, Bitcoin, approached the level of $ 8 thousand on May 13, for the first time since July last year. According to Reuters, the cost of the virtual currency reached $ 7.98 thousand, which was 12.8% higher than the Sunday close. Bitcoin has been going up for the fourth week in a row. During this time, its rate has increased 1.54 times, and it has added almost 35% in the last five days alone.
Recent positive news added an impetus to the cryptocurrency market. At the end of last week, the US Securities and Exchange Commission (SEC) published an application from Crescent Crypto Index Services to launch a crypto currency ETF. In addition, the regulator is considering similar applications from Bitwise Asset Management and VanEck.
In early May, Fidelity Investments published a study demonstrating the high interest of institutional investors in digital assets. The survey was conducted among 441 institutional investors. 72% of respondents said they prefer to buy investment products containing digital assets, while 57% bought them directly. At the same time, Fidelity launched a platform for trading digital assets. In March 2018, it opened a storage of such assets for institutional investors.
Last week, Bloomberg reported that Fidelity plans to expand its crypto active services. Opportunities for the convenient and safe operation of institutional investors with crypto currencies are an important factor here. At the same time, the market reacts poorly to hacker attacks. Last week, it became known that hackers stole bitcoins worth $ 41 million from the Binance exchange. Bitcoin rate then decreased by 4%, but quickly restored the position.
Market participants do not exclude the further growth of the Bitcoin rate, but at the same time they warn against another bubble. According to the analytical report Bitwise Asset Management, presented to the SEC, about 95% of trading volumes on unregulated exchanges are either fictitious or have no economic sense. In addition, Bitwise analysts believe that the CoinMarketCap cryptanalytic service distributes questionable data by manipulating ideas about the real size of the cryptographic market. The real daily trading volume of the Bitcoin market, according to analysts, does not exceed $ 300 million versus the $ 6 billion indicated by the service.
source: bloomberg.com
Recent positive news added an impetus to the cryptocurrency market. At the end of last week, the US Securities and Exchange Commission (SEC) published an application from Crescent Crypto Index Services to launch a crypto currency ETF. In addition, the regulator is considering similar applications from Bitwise Asset Management and VanEck.
In early May, Fidelity Investments published a study demonstrating the high interest of institutional investors in digital assets. The survey was conducted among 441 institutional investors. 72% of respondents said they prefer to buy investment products containing digital assets, while 57% bought them directly. At the same time, Fidelity launched a platform for trading digital assets. In March 2018, it opened a storage of such assets for institutional investors.
Last week, Bloomberg reported that Fidelity plans to expand its crypto active services. Opportunities for the convenient and safe operation of institutional investors with crypto currencies are an important factor here. At the same time, the market reacts poorly to hacker attacks. Last week, it became known that hackers stole bitcoins worth $ 41 million from the Binance exchange. Bitcoin rate then decreased by 4%, but quickly restored the position.
Market participants do not exclude the further growth of the Bitcoin rate, but at the same time they warn against another bubble. According to the analytical report Bitwise Asset Management, presented to the SEC, about 95% of trading volumes on unregulated exchanges are either fictitious or have no economic sense. In addition, Bitwise analysts believe that the CoinMarketCap cryptanalytic service distributes questionable data by manipulating ideas about the real size of the cryptographic market. The real daily trading volume of the Bitcoin market, according to analysts, does not exceed $ 300 million versus the $ 6 billion indicated by the service.
source: bloomberg.com
