Home Business News Bitcoin zooms past $8,000 for the first time since May

Bitcoin zooms past $8,000 for the first time since May

by Purvai Dua
24th Jul 18 3:04 pm

For the first time since May, Bitcoin has gone past the $8,000 valuation mark.

According to Forbes, the digital currency is riding high amid news that established financial giants are looking to get in on bitcoin and cryptocurrencies. Like there was a recent report stating that asset-management giant BlackRock is setting up a working group to look into cryptocurrencies and blockchain.

Similarly, the new chief executive of Goldman Sachs, David M Solomon, has revealed that the New York investment bank is looking to get into cryptocurrencies. “We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” he told Bloomberg TV China. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

Other reports suggest that hedge-fund billionaire Steve Cohen’s venture unit has invested in Autonomous Partners, a cryptocurrency-focused investment fund.

Established in 2009 after the financial meltdown, Bitcoin is a digital currency that has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.

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