Bitcoin has crashed through $7,000 to take the price 10% higher to $7,350, according to coinmarketcap.com. On current form momentum is building for a run at $8,000.
The latest sharp rally in the price is on the back of large volumes by recent standards, with activity touching $5.65 billion at the time of writing.
News that BlackRock, one of the world’s largest asset managers, was getting in on the crypto action has brought some much needed confidence to the marketplace.
Bitcoin jumped around $700 in less than an hour, reminiscent of the spikes in activity seen last week.
Other news many be adding to the renewed buying offensive.
Coinbase has announced it now has regulatory approval to sell securities, which would presumably include those tokens deemed to be securities.
Elsewhere, IBM is involved with a project being pushed by Stronghold to launch yet another stablecoin but this one is insured with the Federal Deposit Insurance Corp. The coin is called USD Anchor. The coin is built on Stellar and IBM says it will be exploring uses for the stablecoin with its clients in the financial sector. The matching dollars will be held by Prime Trust which will deposit the fiat with FDIC-insured banks.
Speaking about the venture, Bridget van Kralingen, IBM’s senior vice president of global industries, platforms and blockchain, said: “There’s this tremendous opportunity to make blockchain payments feasible, especially for cross-border. What is great about this is they are just basically digital dollars—digital fiat currency.”
The bitcoin price has risen above its 50-day moving average for the first time since May, a sign of its strength on a technical level.