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Bitcoin’s bullish rally is looking to set new highs. The cryptocurrency has gained over 6% in the past 24 hours, bringing its market cap to $128 billion. Bitcoin price reached $7738 at its peak, as the market continues to demonstrate optimism around the rapid rate of adoption by leading financial platforms.
This rally could be attributed to Square, the $15 billion payments app, integrating Bitcoin brokerage feature on its mobile app which is used by more than 3 million active users. Square will soon allow the app to compete with existing service providers in the Bitcoin market, most notably Coinbase.
Soon after the confirmation of CME’s plans to launch Bitcoin futures by the second week of December, $95 billion hedge fund Man Group revealed its plans to invest in Bitcoin by the end of 2017.
It is important to note that hedge funds like Man Group are only permitted to issue checks in the minimum value of around $300 million. With such hedge funds and investment firms on board, we can expect investments of billions of dollars in Bitcoin, which will further increase the liquidity and improve the infrastructure surrounding the cryptocurrency.
The short-term growth of Bitcoin is looking good from here. The market also remained highly enthusiastic and optimistic throughout the week, mostly because of the world’s largest hedge funds looking to billions of dollars into the cryptocurrency.
If financial analyst Max Keiser is to be believed, Bitcoin could cross $8000 to register an all time high by the end of this month. That’s a realistic ask I’d say.
Top Stories from the Crypto World
1. American Express partners with Ripple for Blockchain payments
American Express has introduced instant blockchain-based payments using Ripple’s technology for U.S. corporate customers sending funds to U.K.-based businesses that bank with Santander U.K. The service will also provide real-time trackable payments between customers.
This news is huge. Partnerships between financial institutions and Blockchain companies is what this industry needs in order to take see the full potential of Blockchain technology.
Ripple partnership is just one in a long journey for Amex. AMEX CIO Marc Gordon said:
“American Express has a long history of integrating new technologies. This collaboration with Ripple and Santander represents the next step forward on our Blockchain journey, evolving the way we move money around the world.”
Reacting to the news, Ripple price surged to over 14% – now trading at 23 cents a piece.
2. Indian Supreme Court asks government to regulate Bitcoin
The Supreme Court of India has called on the government to answer the petition calling for the regulation of the use of Bitcoin in the country.
The petition claimed that the digital currency can be utilized in executing untraceable transactions across borders, making it an attractive tool for tax evaders and ransomware attackers.
Part of the petition reads, “The lack of any concrete [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (crypto money) trading and transactions.”
3. Fujitsu develops payments tech from cryptocurrency trading
Japan’s largest IT firm Fujitsu has revealed the details of ‘ConnectionChain’, described as a security technology to securely connect multiple blockchains to make them interoperable to the extent of executing trades and payments in multiple cryptocurrencies.
The solution will facilitate transfers between differing blockchains using “connection-type chain” that records related transactions, in differing cryptocurrencies, on a dedicated blockchain.
A good thing to know: Since Japan has legalized Bitcoin as a legal payment method, a lot of Japanese IT giants are experimenting with cryptocurrencies, Blockchain, and even mining. With Olympics 2020 coming up in Tokyo, Japan wants to establish itself as a leading nation when it comes to digital currencies.