ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data – Market Updates Bitcoin News
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The crypto markets have been on fire lately, with the price of Bitcoin climbing to an 11-week high on Wednesday. The surge in Bitcoin’s price was sparked by the release of US GDP data, which showed that the US economy had grown by an impressive 4.1 percent in the second quarter of 2018.
The news was welcomed by the crypto markets, which have been struggling in recent months due to a prolonged bear market. Bitcoin’s price surged to $7,700, its highest level since May 24th, while Ethereum, Ripple, and other major cryptocurrencies also rose.
The surge in Bitcoin’s price is being driven by increasing institutional interest in the cryptocurrency. The Chicago Mercantile Exchange (CME) recently announced that it would launch a Bitcoin futures contract in December, while Goldman Sachs is reportedly planning to set up a cryptocurrency trading desk.
The news of increasing institutional interest in the crypto markets has been welcomed by the crypto community, and the recent surge in Bitcoin’s price is a testament to the growing confidence in the cryptocurrency.
However, the crypto markets are still far from out of the woods. The price of Bitcoin is still well below its all-time high of $20,000, and the current rally could easily be reversed if the US economy slows down or if institutional investors decide to pull out of the market.
Nevertheless, the recent surge in Bitcoin’s price is a good sign for the crypto markets, and it shows that the market is still capable of reacting positively to positive news. With increasing institutional interest in the crypto markets, the future looks bright for the cryptocurrency.
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