EOS prices jumped today, climbing more than 50% in hours after blockchain software company Block.one announced it had created a new subsidiary, Bullish Global, with more than $ 10 billion. funding dollars.
The latest news came after Block.one provided Bullish Global with both liquidity and digital assets.
Going forward, Bullish Global, which the announcement says will operate as an “independent entity” under Block.one, plans to work on launching the blockchain-based cryptocurrency exchange Bullish, which will be released. scheduled for later this year.
Several leading investors, including Peter Thiel, Mike Novogratz, Alan Howard, Christian Angermayer, Louis Bacon, Richard Li, as well as the institutions Nomura and Galaxy Digital, participated in the fundraising for the latter company.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
EOS, which serves as the native token of a platform for decentralized applications (DApps), reached $ 14.11 in the early afternoon, according to data from CoinDesk.
At this point, it was up around 56.6% since the start of the day and was trading at its highest level since June 2018, additional figures from CoinDesk reveal.
Interestingly, the digital asset began its ascent around 8:30 a.m. EDT, shortly after the 8:00 a.m. EDT announcement.
While today’s rally was impressive, several analysts said EOS was well positioned for the gains.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, spoke of the situation.
“The announcement gives rise to price speculation, but EOS has been in an uptrend for quite some time now, especially since the start of April,” he noted.
“It first benefited from the market’s optimism towards older digital assets, then stuck with the previous level of resistance turned support around $ 8.5,” said DiPasquale.
“It rebounded from this level in early May and yesterday, during the sharp drop. Since the market was already generating decent interest in EOS, it jumped on the announcement considerably, ”he said.
Tim Enneking, Managing Director of Digital Capital Management, also stepped in, speaking about the ardor of investors.
“Given any positive background news, virtually any token will immediately skyrocket in this environment,” as buyers are very receptive.
Disclosure: I own bitcoin, bitcoin cash, litecoin, ether, and EOS.