Bitcoin bulls regained control, and the largest cryptocurrency was close to the highest price this year after breaking through $13,000 for the first time in two weeks.
Digital assets rose to $13,154 for the third consecutive day and continued to recover from a decline that fell below $10,000 last week. It reached a high of more than 18 months on June 26, at $13,880. Progress on Wednesday exceeded competitors' tokens, including Ether and Litecoin. The Bloomberg Galaxy Encryption Index rose 1.5%.
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Many supporters have cited an increase in interest in mainstream institutions in the blockchain and cryptocurrency industries, which has helped push Bitcoin and other digital assets to rebound in price after the 2018 recession and months of inactivity this year. Others, such as Gemin Winklevoss, CEO and co-founder of the Gemini Trust, said individual investors are still a key driver of the rebound.
Winklevoss said at a panel discussion in New York on Tuesday night: "This is the first time the guys are really there and have a structural advantage because they have no compliance and the legal department blocks them."
Despite this, global bank Goldman Sachs Group Inc. is seeking to develop a distributed ledge technology strategy, after CEO David Solomon said the company is seeking to develop its own digital coin for payment. As early as February, JP Morgan Chase announced the development of JPM Coin for cross-border payments for its customers.
Facebook launched a new coin called Libra in June, and the company plans to launch it next year.
Continued geopolitical instability and volatility in the mainstream market may also be a factor in encouraging some investors to purchase the space as an alternative investment.
Faced with strong doubts from the legislators about the Libra project, Facebook posted a letter trying to ease concerns about the proposed cryptocurrency before the next week's congressional hearing. David Marcus, executive of Libra and blockchain, who leads Facebook, plans to testify before the two committees.
“We want and need governments, central banks, regulators, non-profits and other stakeholders, and we value all the feedback we receive,” Marcus wrote in a letter dated July 8.
At the beginning of July, the trading season of the main cryptocurrency fell by nearly 21%, and the value rebounded to about $10,000. Since the burst of the bubble in 2018, coins have fluctuated between huge gains and plunge, with the highest volatility. However, Bitcoin still rose by 250% this year.