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Bitcoin Price Rose Sharply Above $7,000 on Tuesday by Almost 10% in Just One Hour

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The bitcoin price rose sharply on Tuesday, climbing past $7,000 and rising to its highest since June as strong momentum drove gains.

Bitcoin

The digital currency's price hit $7,440.25 on the CoinDesk Bitcoin Price Index (BPI), up an 11.7% gain from the daily low of $6,663.03.

By reaching this level, Bitcoin attained its highest price since June 10, and was up 28.6% from the recent low of $5,785.43, additional BPI figures show.

Some factors people believed could have boost Bitcoin Price

The appointment of David Solomon as the new chief executive of US investment bank Goldman Sachs, who's currently the firm's current chief operating officer. Last month Solomon said Goldman is looking into adding further bitcoin and cryptocurrency services.

He will take over from current Goldman CEO Lloyd Blankfein in October.

Many bitcoin faithful are hoping that as the mainstream financial services industry bets on bitcoin, the price will rise back to levels last seen in December last year and possibly higher.

Other things that have been pushing up the price of bitcoin and other cryptocurrencies in recent days

BlackRock's interested in bitcoin and crypto

the world's biggest asset manager BlackRock has set up a working group to investigate ways it can take advantage of the fast-growing bitcoin and cryptocurrency market.
BlackRock exploring crypto assets comes as no surprise and is definitely a positive development for the crypto market. As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more consevative strategies, to seriously explore investing in the crypto space, "said Chris Yoo, portfolio manager at Black Square Capital.
FSB backs bitcoin

An international financial watchdog, the Financial Stability Board (FSB), released a report that found bitcoin and cryptocurrencies do not currently pose a material risk to the global financial system.


According to a report published by the watchdog, cryptocurrencies "do not pose a material risk to global financial stability at this time."

Meanwhile, the FSB - which has members from the G20 major economies, the European Commission - said it planned to monitor cryptocurrency assets at banks and the world's largest financial systems.


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