The price of bitcoin and other cryptocurrencies have in the last 24 hours risen by between 5% to 10% with bitcoin surpassing the $7400 mark. This positive change follows the recent wave of good news regarding the digital industry. Bitcoin in particular (BTC-USD) has had a massive move up, gaining about $600 in just one hour. It is often the case that when bitcoin price goes up, other digital coins follow suit.
Here are some of the positive news stories pushing prices up.
Appointment of David Solomon as the new chief executive of Goldman Sachs
David Solomon is set to take the place of Lloyd Blankfein as the new CEO of the US investment bank Goldman Sachs (NYSE:GS) in October. Solomon is currently the bank’s chief operating officer. Last month, he proposed to the bank to add bitcoin and other crypto currencies as well as digital assets. Having a CEO in support of digital currencies at such a reputable institution may have pushed the price of these coins upwards.
World’s Largest Asset manager BlackRock Shows Interest in Crypto
BlackRock (NYSE:BLK), the world’s largest asset manager, is showing interest in the crypto industry. The asset manager has established a working group that is assigned to investigate the means and ways the blockchain platform can take advantage of the burgeoning digital currency market. This development is a positive achievement for the crypto world as it would encourage other asset managers to follow suit, encourage more crypto investments resulting in a possible surge in crypto prices. Larry Fink, chief executive officer and chairman of BlackRock told Bloomberg that the firm is looking into blockchain technology and analyzing data to understand its functionalities.
Steven Cohen to Invest in Crypto Hedge Fund
Another announcement that has had a positive effect on the prices of cryptocurrencies is the news that billionaire Steven Cohen is contemplating on investing in bitcoin. The Point72 Asset Management founder is said to be planning to invest in the crypto hedge fund Autonomous Partners. Fortune reported last week that Cohen is planning to use Cohen Private Ventures, his private investment platform to invest in the crypto hedge fund. This news has sparked renewed interest in the cryptocurrency world pushing the price of bitcoin and other cryptocurrencies up.
Ariana Simpson, a digital currency investor, is the one leading Autonomous Partners after launching it in December last year. The hedge fund already has other reputable platforms and individuals’ investments including Union Square Ventures, Craft Ventures and Coinbase CEO Brian Armstrong. According to Simpson, the startup has only on-boarded partners that will add value to it beyond the capital they invest.
Financial Stability Board (FSB) Backs Bitcoin
The Financial Stability Board (FSB), the world’s financial watchdog, released a report yesterday claiming that they have not found any material risk that bitcoin and other digital currencies pose to the global financial system. FSB has members from the G20 primary economies and the European Commission hence its relevance in global markets and finance. This announcement sparked upward growth in the prices of most digital coins. The board also plans to keep track of digital assets in various banks and in the world’s biggest financial systems.
Here is a list of prices of some of the most popular cryptocurrencies from Yahoo Finance
| Name of Coin | Current Price ($) | Change Last 24 Hours (%) |
| Bitcoin | 7,439.28 | 10.76 |
| Ethereum | 2,477 | 6.02 |
| Bitcoin Cash | 871.93 | 10.01 |
| XRP | 0.512412 | 8.62 |
| Litecoin | 92 | 10.35 |
| EOS | 8.89 | 12.10 |
| Cardano | 0.182026 | 19.91 |