Bitcoin Breaks $8,000 USD on Investor Confidence.
- by Lester Coleman, CryptocCoinsNews.com
- Nov 20, 2017
- 1 min read
Bitcoin broke through the $8,000 price mark this morning, reaching an all-time high of $8,100, thumbing its nose at the growing chorus of doomsayers reacting to the financial industry’s rising interest in the cryptocurrency. The price in the afternoon had dipped below the $8,000 mark, but the past week’s trend has been positive.
Institutional Interest Rises
Bitcoin’s entry into the mainstream financial markets is believed to be driving its ongoing gains. CME Group’s announcement to launch bitcoin future contracts has attracted interest from the financial community, signaling an institutional capital influx.
As a result of the institutional interest, Coinbase announced plans to offer a cryptocurrency custodial service targeted at institutional investors with more than $10 million in crypto assets.
Wall Street investors have also bestowed favor on publicly traded companies that expand into bitcoin. Square, a payment processor, got a price bump after inviting some users to test its Square Cash app to buy and sell bitcoin.
In addition, the completion of the first off-chain “atomic swap” has also driven confidence in cryptocurrency. Lightning Labs traded testnet bitcoin for testnet Litecoin without leaving any trace on either currency’s blockchain.
Read more here – https://www.cryptocoinsnews.com/bitcoin-breaks-8000-on-investor-confidence-despite-setbacks-and-naysayers/
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