Bitcoin on track for largest weekly profit since April

Bitcoin fell slightly on Friday for the first time in seven days on profit-taking after touching six-week highs yesterday, while still on track for the largest weekly profit since April, after a spate of positive news that buoyed risk appetite and increased investment demand on crypto assets. 

At Bitstamp, and as of 07:50 GMT, Bitcoin fell $59, or 0.8% to $7,415 from the opening of $7,474, with an intraday high at $7,476, and a low at $7,338. 

Bitcoin climbed 2.2% on Thursday, the sixth daily profit in a row, marking the longest such streak since December 2017, after hitting a six-week high at $7,600. 

Market value of cryptocurrencies fell $5 billion on Friday to a total of $282 billion, after reaching $300 billion on Wednesday, the highest since June 12. 

Bitcoin is up a stellar 16.7% this week, heading for the largest weekly gain since April on upbeat news for the market. 

BlackRock to Trade Crypto? 

BlackRock, the world's biggest assets manager, is reportedly looking into investment options in cryptocurrencies and blockchain technologies. 

Financial News reported that BlackRock formed a team from various units at the company to look into cryptocurrencies, with an eye on investing in Bitcoin futures in particular. 

The news were a surprise for many, after BlackRock CEO Larry D. Fink attacked cryptocurrencies and Bitcoin previously, calling out their use in money laundering operations. 

In other news, Bloomberg reported that Coinbase, one of the largest crypto exchanges in the world, got regulatory approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list cryptocurrencies as security tokens under the supervision from federal regulators in a first for the company. 

Bithumb Expands 

Bithumb, South Korea's largest crypto exchange, has announced plans to expand to Japan and Thailand, with the company currently working to get regulatory approvals from both countries. 

The foray into Japan and Taiwan is part of Bithumb's global expansion plans as crypto and blockchain services and technologies gain traction. 

Switzerland News 

SIX Group, the company owning Switzerland's main stock exchange, stated it's open to offer cryptocurrency trading services on its digital platform, expected to launch officially in 2019.