According to Coinbase data, bitcoin was trading at around $47,700 on Friday morning, up roughly 10% from $43,650 at midnight. During the first hours of October, other cryptocurrencies also soared. Both Ethereum and XRP increased by roughly 8% to $3,230 and $1.03, respectively. Analysts believe that some of the bitcoin gain is due to investors "buying the China ban." On September 24, China tightened its grip on cryptocurrency trade and mining, causing the market to plummet.
In an interview at CNBC's Delivering Alpha 2021 conference on Wednesday, Orlando Bravo, co-founder and managing partner of private equity firm Thoma Bravo, stated his consistent support for the cryptocurrency market, stating that he is "extremely positive" on his personal investment in Bitcoin. As of June 30, 2021, the billionaire businessman owns one of the world's largest private equity businesses, with $83 billion in assets under management (AUM).
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