Bitcoin price rises as Dutch football club PSV announces support

Home » Bitcoin price rises as Dutch football club PSV announces support

The cryptocurrency rose again on Thursday, after falling for the past week, as bad news hit bitcoin.

The best Dutch football club PSV says it has signed a partnership with bitcoin exchange Anycoin Direct.

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“PSV will be the first major football club in the EU to be fully sponsored in bitcoin,” he said.

Frans Janssen, commercial director at PSV, added that “the possibilities and future that the cryptocurrency world has to offer … we are always innovating, cryptocurrency fits this picture very well.”

Bitcoin (BTC-USD) was up about 4% to trade at $44,231 (£32,386). That's still below the key $50,000 figure, and quite far from the record high of $63,000.

Ethereum (ETH-USD) jumped 6.6% and was trading at $3.137.

“Crypto traders should be pleased to hear that it is becoming increasingly normal to hear big names now making their way into the digital sector,” said Naeem Aslam, chief market analyst at Ava Trade.

One example he gives is investment management company Invesco, which is working to create crypto products for its consumer base. It partners with Galaxy Digital to offer digital products backed by physical assets.

The company manages $1.5 trillion in assets worldwide and manages approximately $470 billion worth of indexed ETFs and strategies.

However, Mike Novogratz, CEO of Galaxy Digital, said he expects the regulatory environment around digital assets to be very volatile over the next year.

He's not the only one with concerns about regulators. Bridgewater Associates founder and hedge fund billionaire Ray Dalio said last week: “I think, in the end, if it actually works … [regulators] will try to kill it,”

Meanwhile, Emily Chi, COO of Coinbase (COIN), confirmed rumors that her company is working on a proposal to lawmakers outlining how the crypto market should be regulated.

The proposal, according to him, aims to achieve transparency and integrity in the blockchain sector,” said Aslam.

Chi also said regulations that could potentially regulate the crypto market should ensure fairness and equal opportunity for crypto and financial services.

The Dubai World Trade Center Authority announced that it will support the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within its free zone.

“Investors are optimistic about the UAE regulator's support of crypto trading which is another confirmation of the wider adoption of cryptocurrencies,” Wael Makarem, senior analyst at trading brokerage Exness, told Yahoo Finance UK.

He added that within the crypto market “we are seeing signs of resilience with the buy-in downside.”

Previously, the bitcoin price drop came amid a brutal sell-off in the market, linked to China's Evergrande Group.

source news yahoo

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