Bitcoin on Friday crossed the $11,460 mark, its highest July peak in eight years. The cryptocurrency gained about 23% in July. 

What To Know: Analysts said the spike could be an outcome from the directive of U.S. officials that allowed all nationally chartered banks to open and maintain crypto wallets for their customers.

“There’s definitely a more bullish sentiment since that announcement came out and as we’ve all seen, has resulted in an upward movement,” Michael Rabkin, head of institutional sales at DV Chain, told Coin Desk.

A positive news cycle on the crypto market is boosting the market, he said. 

According to various sources and DeFi Pulse, funds on Defi Platforms stands at over $4 billion.

See Also: The Top 10 DeFi Projects To Watch In The Second Half Of 2020

Why It’s Important: Rough second-quarter GDP results and surplus money printing by the Federal Reserve coupled with a rising debt scenario left investors frowning. In order to avoid the backlash of anticipated inflation, gold has become a popular investment in 2020, along with bitcoins.

With stocks taking a beating on Friday, with global indexes down or flat, it’s a crucial time for bitcoin. 

What’s Next: Some analysts believe the latest peak could just be the start of a bull phase for bitcoin. Bitcoin has successfully beaten major equity indexes for July.

Related Link: Is Cryptocurrency Here to Stay This Time?

© 2020 Benzinga does not provide investment advice. All rights reserved.

(Excerpt) Read more Here | 2020-08-01 10:35:48
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