Bitcoin had one of its biggest upswings in recent memory on Tuesday, soaring close to 10 per cent.

The cryptocurrency, which at the end of 2017 reached close to $US20,000 a coin, has struggled to stay above $US10,000 a coin for much of this year.

But the volatile digital currency pushed through the $US7400 price level on the heels of bullish reports in the market for digital currencies, including one by Bloomberg News that suggested Coinbase, the cryptocurrency exchange, was inching closer to trading cryptos deemed securities.

There were also reports over the weekend that BlackRock, the $US6 trillion asset manager, was eyeing the crypto market and had created a working group to study it.

But a source close to the company’s operations told Business Insider that the group has existed for several years.

Bitcoin was trading up 9 per cent at $US7320 a coin at 7am AEST.

Elsewhere, ether was trading up 5 per cent, at $US500 a token.

In total, the market for digital currencies is up more than $US50 billion since July 13, according to CoinMarketCap data.

The price of Bitcoin (in $US) soared 10 per cent today
The price of Bitcoin (in $US) soared 10 per cent today

Despite the bearish sentiment that has underpinned the crypto market for much of 2018, there are bullish indicators.

Fintech analytics firm Autonomous NEXT found that the market for initial coin offerings has continued to grow this year and Wall Street firms are moving quickly to adopt technologies related to crypto.

“The financial industry is working to build tokens into an asset class, with developments across custody, institutional exchanges, decentralized exchanges, traditional financial products (eg Bitcoin futures) and Security Tokens,” the firm wrote in a recent note.


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