Internet Computer boosted by Goldman Sachs’ name check
06:31, 28 June 2021
Bitcoin lifted 5.8% overnight, rising from $32,522 before 10.30pm last night to $34,415 this morning. Overall, bitcoin is up 3.8% in the past 24 hours. The bitcoin uptick was also echoed by Ethereum's ether, climbing 5.48% in the past 24 hours, taking the biggest gain overall from the crypto asset top ten in terms of market cap.
The crypto uplift was despite news that the British financial regulator will ban Binance Markets from offering financial services in the UK. The weakest 2.24% gain was from Polkadot.
Internet Computer name-checked by Goldman
However, all these price surges were comprehensively upstaged by Internet Computer, which has surged steadily over the past 24 hours. Its valuation boost was fuelled by the crypto being flagged in a Goldman Sachs’ report, Digital Assets: Beauty is Not in the Eye of the Beholder.
The Goldman Sachs’ report is however downbeat on the crypto asset class. "After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are not a viable investment for our clients’ diversified portfolios," it concluded.
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Price surge follows huge fall
At 07:00 BST (UTC +1) Internet Computer was valued at $44.25. However the 24-hour uplift should be set against the token’s launch price of $580 – so a huge come-down from its original valuation, despite the overnight price pop. It’s thought the valuation uplift for several cryptos in the past 12 hours is speculative – effectively buying in the dip – rather than material fundamentals.
Dogecoin is up almost 5% in the past 24 hours to $0.2572 and bitcoin cash is 3.78% higher at $481.07.
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Read more: UK regulator bars crypto platform Binance Markets
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