Tanya Abrosimova
Independent Analyst
- Bitcoin continue gaining ground on Tuesday.
- Fundamental developments support the upside.
Bitcoin stays strong on Tuesday. The first digital coin broke $8,000 and touched $8,187 late on Monday before retracing towards $8,8030 by the time of writing. Notably, Bitcoin’s market share jumped to the highest level since September 2017.
The industry is enthusiastic about the further market developments, noting that this time around the growth is taking place amid strong trading volumes, which is a positive signal.
While it is hard to say what might have triggered the stellar recovery, analysts point out to the signs faster of institutional adoption as companies like Fidelity Investments and E*Trade expand their presence in the industry. Moreover, such mainstream companies like such as eBay and Whole Foods are also rumored to consider adding cryptos as a means of payment.
Apart from that, Bakkt, a venture that includes Intercontinental Exchange Inc., announced that Bitcoin futures would be launched in a test mode in July.
“The largest crypto gathering in the world is going on right now, Consensys, and there’s Bakkt announced their futures product is going to be up and running in July. Before then there was not a concrete date on when the Bakkt product is going to be launched.” Travis Kling, founder of the Los Angeles-based crypto hedge fund Ikigai commented as cited by Bloomberg.
BTC/USD, 1-day chart
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