News ID: 272350
Published: 0732 GMT August 02, 2020

Bitcoin crosses $11,460 mark, beats major indices in July gains

Bitcoin crosses $11,460 mark, beats major indices in July gains

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

Analysts said the spike could be an outcome from the directive of US officials that allowed all nationally chartered banks to open and maintain crypto wallets for their customers, reported.

“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.

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 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 indices for July.

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