Bitcoin Breaks Records: Surges 20% To $30K with Institutional Support

Key Points:

• Bitcoin’s surge above $30,000 is driven by a flurry of traditional finance players foraying into the crypto space.
• BlackRock, Invesco, and WisdomTree have filed to launch spot Bitcoin ETFs.
• EDX, backed by Fidelity, Citadel Securities, and Charles Schwab, announced its launch, listing BTC, ETH, LTC, and BCH.

Bitcoin (BTC) has found respite in a recent surge of interest from institutional investors.

This newfound enthusiasm from established financial players has effectively offset the losses experienced by BTC, reigniting optimism within the crypto community.

Institutional investors, such as BlackRock, the largest asset management firm in the world, and a Wall Street bigwig, filed to launch a spot Bitcoin exchange-traded fund (ETF) last week. This move was followed by two other well-known traditional finance (TradFi) firms, Invesco and WisdomTree. This development marks a significant shift in the market, as major players in the financial industry are now beginning to embrace the potential of cryptocurrencies.

At the same time, EDX, a new crypto exchange backed by institutional giants such as Fidelity Digital Assets, Citadel Securities, and Charles Schwab, announced its launch. EDX will initially list only four cryptocurrencies, including BTC, Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), which soared 20% on the announcement.

Bitcoin has surged above the $30,000 mark on Wednesday, June 21, marking the second time it has reached that threshold in 2023, now driven by a flurry of major traditional finance players foraying into the nascent crypto space. The surge in Bitcoin’s price has been impressive, and the cryptocurrency is now trading at $30,080, up 4.20% in the past 24 hours.

On a weekly chart, Bitcoin is up more than 20%, and over 80% since the start of the year. This reflects the growing interest in cryptocurrencies and blockchain technology, which many believe will revolutionize the financial industry.

On Thursday, June 22, Michaël van de Poppe, a widely-followed crypto market expert, weighed in on BTC’s latest rally. According to him, Bitcoin’s dominance, which is currently at 49.5%, is now “approaching the next point of resistance,” while BTC’s price also closes in on the next resistance level.

Bitcoin faces regulatory challenges, the recent surge of interest from institutional investors has effectively offset the losses experienced by the cryptocurrency, reigniting optimism within the crypto community. The growing interest in cryptocurrencies and blockchain technology suggests that they will play a significant role in the future of finance.

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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