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Bitcoin Price Nears $55K

Written by:

Aaron Goldstein

Published on:

Mar/09/2021

The price of Bitcoin had moved to $54800 and continued rising Tuesday morning, hitting its highest level in two weeks.

The token rose nearly 8% by late Tuesday morning Eastern Standard Time.

This could be the reason:

On Monday, NYDIG, a provider of Bitcoin-related financial services, announced that it raised $200 million from investors including Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual and Soros Fund Management. NYDIG said Bitcoin adoption among institutions is accelerating, citing data that insurers have more than $1 billion in Bitcoin-related exposure on its platform.

“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda, wrote in an email. “Institutional interest still seems strong.”

Bitcoin is the most utilized payment method among online gambling sites operating in restrictive markets.

- Aaron Goldstein, Gambling911.com

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