Crypto Market Holds Gains On News Of More Wall Street Talent And Money Moving In
The Crypto market continues to hold gains around the same levels it reached after a sharp spike on Thursday, April 13, with Bitcoin (BTC) and Ethereum (ETH) trading above the $8,000 and $500 levels respectively today, April 17.
The market’s rebound into the green comes after a slight drop yesterday, April 16.
Bitcoin, which is back above $8,000, is trading around $8,120 by press time, up around 1.5 percent over a 24 hour period.
Ethereum’s price has grown by almost 2 percent on the day to press time, and is currently trading at $515 by press time.
Almost all of the top 100 coins listed on CoinMarketCap are in the green, up as much as 30 percent on the day. Among the top 10 coins, altcoins EOS and Stellar have seen the most growth over a 24 hour period, both up about 11 percent at press time.
Total market cap of all cryptocurrencies is at $332 bln, having increased by a bit over 3 percent since yesterday, April 16, up 25 percent on the week.
The crypto markets’ move upward could in part be caused by the arrival of tax day in the US today, April 17, presumably marking the end of crypto selling to pay taxes, as Wall Street strategist Tom Lee pointed out last week.
Crypto markets may also be regaining momentum on recent news that more former Wall Street Talent and money has moved into the space. Earlier today, former Goldman Sachs executive Breanne Madigan joined crypto wallet Blockchain.com as the head of institutional sales and strategy, which followed another Goldman Sachs executive’s resignation for CEO position at Mike Novogratz’s future crypto merchant bank. Also today, Blockchain securities platform Harbor announced that it had received $28 mln in its latest funding round, in part from major institutional players Andreessen Horowitz and Founders Fund.