July 23rd, 2018: There’s no doubt that the past week has been incredibly good for bitcoin and the cryptocurrency community more broadly. After positive news was released from Coinbase that the company is actively looking at 5 cryptocurrencies that are potentially to be added in the future as well as talks of institutional investment interest from the likes of Blackstone, bitcoin has been on a strong run over the last 7-8 days.
Today, while much of the market is beginning to tone back down and many cryptocurrencies are returning some of the gains they’ve booked, bitcoin is bouncing back from it’s slump to continually grow. Last week’s news has shown the cryptocurrency market that there’s likely a very real possibility of seeing cryptocurrencies in the mainstream traditional financial system in the future. With that, cryptocurrencies have been surging as many traders are looking to make it into the industry before all of the institutional money has arrived.
Mati Greenspan, a senior market analyst for the online social-trading company eToro claimed that we may even be on the “cusp of the largest bitcoin bull run in history.” Clearly, Greenspan is long on the prospect of bitcoin, as he’s mentioned all of eToro’s clients are. However, the analyst did make sure to state that his Tweets do not constitute investment advice, so don’t let the Tweet justify you spending more than you budgeted for this week. It’s clear to see that many in the crypto Twitter community are excited about this prospect as well.
We might just be on the cusp of the largest bitcoin bull run in history.
— Mati Greenspan (@MatiGreenspan) July 23, 2018
Bitcoin Bull Run
As there always is, there were a variety of factors that lead to bitcoin’s recent price increase and micro-bull run, though there are some that can be singled out from recent events. Coinbase recently made the announcement the renowned exchange is actively looking at and considering 5 other cryptocurrencies to potentially add to the exchange. Though nothing has been made final and no official announcements have been made yet, the market reacted well to the news. If a large, robust cryptocurrency exchange platform like Coinbase is considering spending considerable amounts of money to expand, then it’s seen as good news for the community more broadly.
Additionally, more good news came to stoke the crypto fire after it was revealed that Blackrock, the multinational financial services and fund managing company, is intending on building a working group to investigate cryptocurrencies