Investing.com – Bitcoin continued its recovery on Tuesday and was nearing $8,000 as the virtual currency built on last week’s 20% rally, after hitting a two-month high over the weekend. Meanwhile, other major cryptocurrencies fell on Tuesday.
Bitcoin was trading at $7,835.6 by 12:31AM ET (04:31 GMT) on the Bitfinex exchange, up 2.7% in the last 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, was down 3.6% to $452.4 on the Bitifinex exchange.
XRP/USD’s XRP token traded 4.9% lower to $0.44145 on the Poloniex exchange.
Meanwhile, Litecoin also lost 4.5% and traded at 82.132 on Tuesday.
Rumours that BlackRock Inc. is looking into cryptocurrency investment helped push Bitcoin prices higher last week that saw its value went up by over $1,000 in just a few days.
Reports that the U.S. Securities and Exchange Commission (SEC) is consider to introduce a Bitcoin exchange-traded fund (ETF) and that the approval could come as soon as August was also cited as supportive.
However, Bitcoin is still down more than 60% from its all-time high near $20,000 it hit in December, as the whole cryptocurrency industry has come under global scrutiny this year amid thefts, frauds around initial coin offerings, market manipulation and its potential for money laundering.
Over the weekend, G20 finance ministers met in Argentina, and cryptocurrency was one of the subjects under discussion. The G20 said the cryptocurrency market, estimated to be valued at around $300 billion, does not “pose a global financial stability risk” at the moment.
That echoed with Federal Reserve Chairman Jerome Powell’s comments last week, in which he said cryptocurrencies-related concerns are not his priority at the moment as the cryptocurrency market isn’t big enough to pose a threat yet, and the U.S. central bank isn’t looking to regulate it.