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Bitcoin rises as Dutch football club PSV announces support

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Bitcoin supported by Dutch football club PSV
Noni Madueke of PSV during the Dutch Eredivisie match between Go Ahead Eagles v PSV at the De Adelaarshorst in Deventer, Netherlands, on 22 September. Photo: Photo Prestige/Soccrates/Getty

Cryptocurrencies were back up on Thursday, after being hammered in the past week, as acceptance by mainstream companies continues.

Prominent Dutch football club PSV said it had signed a partnership with bitcoin exchange Anycoin Direct. 

"PSV will be the first major football club in the EU to have the entire sponsorship paid in bitcoin," it said.

Frans Janssen, commercial director at PSV, added that "the possibilities and the future that the world of cryptocurrency offers is very promising... we are always innovating, cryptocurrency fits well into this picture."

Bitcoin (BTC-USD) was up about 4% to trade at $44,231 (£32,386). It's still below a key mark of $50,000, and quite far away from its record high of $63,000.

Ethereum (ETH-USD) soared 6.6% and was trading at $3,137.

“Crypto traders should be ecstatic after hearing that it is becoming increasingly normal to hear big names now entering into the digital sector,” said Naeem Aslam, chief market analyst at Ava Trade.

One example he gave is of investment management firm Invesco, which is working on creating crypto products for its consumer base. It is partnering with Galaxy Digital to offer digital products backed by physical assets.

Bitcoin was up on Thursday afternoon. Chart: Yahoo Finance UK
Bitcoin was up on Thursday afternoon. Chart: Yahoo Finance UK

The company manages $1.5tn worth of assets around the world and manages ETFs and indexed strategies worth about $470bn.

However, Mike Novogratz, CEO of Galaxy Digital, said he expects the regulatory environment around digital assets to be extremely fickle over the next year.

He's not the only one with concerns about regulators. Bridgewater Associates founder and hedge fund billionaire Ray Dalio said last week: “I think, at the end of the day, if it’s really successful … [regulators] will try to kill it,”

Meanwhile Emily Chi, Coinbase's (COIN) COO, confirmed rumours that her company is working on a proposal to lawmakers outlining how the crypto markets should be regulated.

“The proposal, according to her, is aimed at achieving transparency and integrity in the blockchain sector,” said Aslam.

Chi also said regulations potentially governing crypto markets should ensure fairness and equal opportunity for both crypto and financial services.

Read more: Millions of consumers hit as energy firms collapse

Dubai World Trade Centre Authority announced it would support the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within its free zone.

"Investors are optimistic about the UAE regulator's support of crypto trading which is another confirmation of the broader adoption of cryptocurrencies," Wael Makarem, senior analyst at trading broker Exness, told Yahoo Finance UK.

He added that within the crypto market "we are seeing signs of resilience with dips being bought."

Earlier a flash crash in the price of bitcoin came amid a brutal sell-off in markets, linked to China's Evergrande Group.

Watch: What are the risks of investing in cryptocurrency

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