Wall Street pushes Bitcoin towards $11k again

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Last Updated on 18 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Only two weeks after a massive drop which saw the Bitcoin price go from $12k back to $10k, the best known crypto is back up 10% since then, ready to break $11k.

Many claim that good news from Wall Street is the reason for the sudden shift in sentiment. Stories surrounding Kraken and Microstrategy provide enough upswing for the biggest crypto to break out of its rut. At the time of writing, Bitcoin is trading at $10,943, almost unchanged for the day.

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425 million dollar Bitcoin bet

MicroStrategy, a stock listed company that is quite well known to Wall Street financiers, announced earlier this week that it had added some 16,000 Bitcoins to its already heavy purse of another 16,000 Bitcoins.

This means there is now a Wall Street investment firm (other than Grayscale) that owns some 425 million dollars in Bitcoin, bought at a price of some $11k. For many in crypto, this proves that Wall Street no longer worries about the volatility of Bitcoin and has accepted that crypto is here to stay.

A very bullish sign indeed that was greeted with great applause on social media.

Kraken opens crypto bank in Wyoming

Secondly, there was good news from Wyoming, an otherwise very silent US state which has become very welcoming to all things crypto.

So much so that Kraken, one of the largest crypto exchanges in the world, was able to obtain a first special purpose depository institution (SPDI) charter, which grants the company the ability to do certain banking services in the state.

Marco Santori, Chief Legal officer for Kraken, commented in Forbes on the major achievement of his company.

He said:

I think it is difficult to state the over-importance of this milestone. I think this is a specific development in the course of crypto affairs. This represents the development of an efficient, transparent, responsible nexus between the world of traditional finance and the developing crypto ecosystem.

I think this is a historical time and the kind of thing that students of finance and history will look back on as a watershed moment for the development of financial assets.

Once again social media applauded the move and claimed that crypto had finally entered the world of classic finance and come full circle.

On the company blog, Kraken explained that the move aims for the firm to become the world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.