Bitcoin Price Explodes to $29K Amid Record ETF Interest

Bitcoin continued to rise in value, reaching almost $29,000 on Wednesday morning, thanks to a flurry of new Bitcoin ETF applications.

The recent surge has pushed the global crypto market capitalization to $1.178 trillion, with other high market cap cryptocurrencies such as ether and cardano seeing similar gains.

One key factor behind the price momentum is the investment giant BlockRock’s submission of its first ever filing for a bitcoin ETF on June 15. This move was followed by asset management firms WisdomTree and Invesco filing new applications for Bitcoin ETFs. Notably, these firms had previously filed similar applications in 2021. The recent ETF filings occurred amidst headlines tied to the Securities and Exchange Commission’s lawsuits against Coinbase and Binance, which were sued for allegedly operating as unregistered securities exchanges. While a number of crypto assets have been categorized as securities, bitcoin appears to be one of the few exceptions. The status of ether, however, remains uncertain.

Although Bitcoin’s price experienced slight swings yesterday, the overall trend remains positive. The confusion was due to a movement of Silk Road-tied bitcoin seized by the US government. The wallet from which the funds moved is not named in filings pertaining to the seizure of the Silk Road funds, but it is closely tied to one wallet that was named by the US government. Debate is still ongoing as to whether the funds were moved by the government.

The long-term prospects of Bitcoin and other cryptocurrencies remain uncertain. While the recent ETF filings and price surges are certainly positive, the market remains volatile and susceptible to sudden changes. Only time will tell whether the current trend will continue or whether the market will experience another correction in the near future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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