This Helped Bitcoin Soar to a Six-Week High This Week

Cryptocurrency bitcoin soared to a six-week high on Tuesday after reports surfaced that major financial institutions could be entering the bitcoin space.

Bitcoin has seen gains in the last six of seven sessions and hit $9,340.88 on Tuesday on the Bitstamp platform.

It was reported this week that Goldman Sachs has enlisted Justin Schmidt, a former trader, to be the first head of digital asset markets in the company’s securities division.

According to other reports, Barclays PLC has also been considering the launch of a cryptocurrency trading desk.

Reuters also reported that one in five financial institutions are considering trading cryptocurrencies within the next 12 months, citing a survey that was published by Thomson Reuters.

“The space has remained relatively stable over the past several weeks and crypto markets are reacting with resilience as people start to gain a more nuanced understanding of the long-term potential of blockchain technology,” remarked Rob Viglione, co-founder of ZenCash.

“I think the public catching wind of news that Goldman Sachs and other financial powerhouses are not just showing interest but pro-actively hiring and investing in the crypto markets is instilling a positive sentiment across the board,” said Josh McIver, the chief executive officer of ULedger.

Bitcoin had seen a 50% loss in the first quarter of the year after seeing gains of well over 1,000% last year.