Cryptocurrency Sentiment Improves, Bitcoin Prices Skyrocket

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July 23, 2018 by
Photo: Bitcoin prices increase amidst good news.
Cryptocurrency Sentiment Improves, Bitcoin Prices Skyrocket

Bitcoin added $10 billion in market capitalization in under an hour on July 17 and has been on an upward trend for nearly a week now, increasing 20% during a 6-day period.

Despite positive news and improving market sentiment over the last month, Bitcoin’s price performance remained grim. However, with the high volume of positive news this week, Bitcoin prices skyrocketed to the point where many sidelined investors are now starting to pay attention.

Below is a list of all the positive news this week in the cryptocurrency market:

Malta Gets First Two-way Crypto ATM:

On July 10, Maltese startup Moon Zebra introduced an ATM where users can buy and sell Bitcoin and Litecoin for Euros. According to Moon Zebra CTO Jonas Abrahamsson, the ATM is not intended only for high-end users as the machine accepts purchases as low as 50 euros.

Japan Gets First Bank-Backed Crypto Exchange:

On July 17, VCTRADE, most notably backed by the Japanese banking behemoth SBI Holdings, has just launched to the public in Japan. The exchange has already started accepting account applications from Japanese users between the ages of 20 and 70.

$6 Trillion BlackRock Asset Management Firm is Looking Into Bitcoin:

On July 16, Blackrock CEO Larry Fink confirmed that the world’s largest asset manager has assembled a working group to look at blockchain technology and cryptocurrencies such as bitcoin. Some unconfirmed sources claim that the asset management firm is seeking to include Bitcoin futures in its client’s portfolio.

Mastercard Wins Patent to Speed Up Crypto Payments:

On July 17, Mastercard won a U.S. patent for a method of speeding up cryptocurrency payments. The company proposes to offer a new type of user account that enables users to transact in cryptocurrencies through existing fiat currency systems. The transactions themselves would use the fiat currency’s payment rails and security features, but each transaction would represent a cryptocurrency. This confirms that Mastercard does not intend on creating a competing cryptocurrency, but rather to combine its existing infrastructure with blockchain-based systems.

Mobile Giant LINE Begins Cryptocurrency Exchange:

On July 16, LINE officially launched operations of its Singapore-based cryptocurrency exchange BITBOX with support for 30 cryptocurrencies including bitcoin. The Japanese mobile giant sees over 600 million registered users and 200 million monthly active users worldwide. CEO Takeshi Idezawa intends to bring LINE’s knowledge of “providing a great social experience for users” into the world of cryptocurrencies.

Although no single piece of news can be single-handedly responsible for this drastic increase in cryptocurrency prices, it seems as if market sentiment overall has increased and is reflective in the avalanche of positive cryptocurrency-related news seen the last few days. Particularly as more and more of the world’s largest companies are beginning to investigate blockchain and cryptocurrencies.

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

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