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Find out the main reason for the recovery of the digital and cryptocurrency market

Find out the main reason for the recovery of the digital and cryptocurrency market

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Answer Find out the main reason for the recovery of the digital and cryptocurrency market

The cryptocurrency market witnessed a sudden recovery thanks to the emergence of a number of positive news, the volume of the cryptocurrency market increased by more than 11 billion dollars and the price of Bitcoin today crossed the $ 6,600 barrier (up +4%).

This comes after one of the largest investment funds, “Black Rock”, announced the formation of a working group to evaluate the contribution and investment in Bitcoin.

This move represents the company’s retreat from its negative stance towards Bitcoin, digital currencies and cryptocurrencies earlier. Thus, the company will explore the possibility of investing in Bitcoin futures contracts.

Read:Opera browser on iOS adds a wallet for cryptocurrency

A BlackRock spokeswoman stated that the company has been continuously researching the field of blockchain for several years, but did not address digital and cryptocurrencies.

It is worth noting that the investment company Goldman Sachs took a similar approach in the past in its criticism of digital currencies and bitcoin, but recently announced the appointment of a team specialized in searching for opportunities in the world of digital and cryptocurrencies based on customer demand.

The company’s CEO, Larry Fink, mentioned a number of positive comments about the crypto and cryptocurrency space and had previously stated last October that he was a believer in Bitcoin, but warned that it was a means of money laundering.

It is worth noting that BlackRock is one of the largest investment funds in the world, with assets under management of nearly $6.3 billion in 2017.

Read:Here’s how much money was pulled from exchanges after the FTX crash

Within two hours of this news emerging, the price of Bitcoin today witnessed a sharp increase from the levels of $6,350 to $6,650, which is nearly $300.


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