On Monday morning, Bitcoin was priced at $7,697 after regaining from a deep depression of $7,399 on July 22, wallet-bearers are now optimistic for a comeback to $8,000 after an unforeseen inundation of positive headlines moved the market in a year fully occupied so far by crypto dirty news.
Bitcoin, the top cryptocurrency on CoinMarketCap, leaped 3% over the weekend following a rapid selling period pushed the crypto market to the floor.
Nonetheless, the swift comeback on July 23 added $300 after last week's good news from the global's giant asset manager, Blackrock, and Financial Stability Board (FSB) sent many investors the green light yet both regulators and institutional investors are ready to take crypto nearer to mainstream finance.
Matthew Greenspan, a senior market analyst at eToro, tweeted on Monday morning: "We might just be on the cusp of the largest Bitcoin bull run in history."
On the extent to which the recent headlines interfered with bitcoin's price, Romal Almazo, Crypto Lead, Capco, revealed that financial institutions and tier 1 banks are seriously discovering their alternatives.
He further said that:
"Before banks start investing in crypto, they will require a secure storage process with low settlement risk. We are still a long way off from providing the level of quality assurance institutions like Blackrock are accustomed to. Though expect this to change as the technology evolves."
In the past week, Barry Dilbert, Digital Currency Group, noted that the dark times were over for the crypto and that the recovery period is underway.
"I think we've probably hit the bottom for the year. I actually put some money into Bitcoin last week," Silbert said. "As an asset class, it is here to stay. I'm 100% confident a decentralised, non-fiat form of money is here to stay."
Alex Wearn, CEO of Aurora Labs, creators of IDEX and a decentralized banking and financial platform based on Ethereum blockchain, stated to Coinidol:
"The current bullish sentiment for BTC is evident across the cryptocurrency market. A large part of this is the entrance of the often talked about institutional investors, evidenced by Grayscale’s research report showing that 56% of incoming capital in 2018 has come from this group.”