EOS prices soared Wednesday, rising more than 50% in only a few hours after blockchain software startup Block.one announced the formation of a new subsidiary, Bullish Global, with more than $10 billion in the capital.
The most recent development came when Block.one provided Bullish Global cash and digital assets.
Bullish Global plans to launch the blockchain-based cryptocurrency exchange Bullish later this year as an “independent company” under Block.one.
Among the founders were Peter Thiel, Mike Novogratz, Alan Howard, Christian Angermayer, Louis Bacon, Richard Li, Nomura, and Galaxy Digital.
Notably, investing in bitcoin coins or tokens is highly speculative and uncontrolled. Those choosing this route should expect total loss. Individuals who are considering this option should expect to lose their entire investment.
EOS hits a high
EOS, the native currency of a platform for DApps, hit a high of $14.11 earlier today, according to CoinDesk data.
According to CoinDesk data, the cryptocurrency gains over 56.6 percent since the start of the day and has been trading at its highest level since June of last year.
It was surprising to see the digital asset begin to rise at 8:30 a.m. EDT, only a few hours after the announcement was made at 8 a.m. EDT, and continue to increase throughout the day.
Several analysts, however, projected that despite today’s stunning rise, EOS remained well-positioned for further gains in the near future.
Joe DiPasquale, founder, and CEO of bitcoin hedge fund management company BitBull Capital released a statement.
Ergo, while the announcement sparked investor interest in EOS, the cryptocurrency has trended upward for some time, most recently since the beginning of this month.
D’Pasquale claims that they took advantage of market confidence in older digital assets at first. Then they respected the previous resistance level at $8.5, which turned out to be a support level later on.
He went on to note that despite the substantial drop, it had previously bounced off this level in early May. Due to the significant amount of market interest in EOS prior to the announcement, the cryptocurrency’s value skyrocketed.
Tim Enneking, managing director of Digital Capital Management, added his enthusiasm about the prospects for investors.
Since consumers are so sensitive to fresh ideas. He stated that practically any token would suddenly surge in value in this atmosphere given even the slightest bit of important positive news.
