Bitcoin Rebounds From Weekend Rout Amid Growing Support from Wall Street

[Henrikbliss]

Bitcoin fell more than 18 percent over the weekend to hit a 3-week low of $6,890.54 on Monday morning.

A downtrend that began in the last day of July saw the cryptocurrency market lose more than $40 billion, as the leading cryptocurrency Bitcoin plunged below $7,000 for the second time in 3 weeks.

A report on Monday suggested that Goldman Sachs is moving to solve Bitcoin’ main obstacle for institutional investors: custody. This comes hot on the heels of other companies like the operator of the New York Stock Exchange (NYSE) and Starbucks looking to get into cryptocurrency with a new digital assets trading platform, dubbed Bakkt.

The news has had positive effects on the market, as most cryptocurrencies began to consolidate gains late  Monday. Bitcoin is back over $7,000 with a gain of around 1.89% in the last 24 hours. However, $7,800 is the key level Bitcoin will have to top to signal an uptrend is underway.

See more: https://bitzamp.com/bitcoin-rebounds-from-weekend-rout-amid-growing-support-from-wall-street/