Bitcoin, which is the most valuable cryptocurrency on the market, has not been worth more than $30,000 since April.
Bitcoin has broken $30,000 for the second time this year. The market is feeling bullish because many standard finance (TradFi) players are getting more involved in crypto.
In the last 24 hours, the value of the cryptocurrency has gone up by more than 10%. TradingView shows that the last time bitcoin was worth more than $30,000 was in April of 2023.
Ruslan Lienkha, chief of markets at Web3 crypto and fiat service provider YouHodler, told CoinDesk in an email, “It looks like the biggest investment firms are going to completely restructure the crypto market in the country in the near future.” “More people will be able to invest in cryptocurrencies with a lot less danger. It’s important to remember that even a small number of BlackRock or Fidelity clients interested in spot BTC ETFs is enough to move the price higher.
Several of the biggest names in trading and finance, such as BlackRock, Invesco, and WisdomTree, have filed for spot bitcoin ETFs. This makes the cryptocurrency go up. Also on Tuesday, the EDX crypto market, which is backed by some of the biggest names in TradFi, went live. The exchange is backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities. It will offer four tokens in the U.S., including bitcoin, ether, bitcoin cash, and litecoin. Bitcoin cash (BHC) has also gone up, by 25% for the day, since the news broke.
In other news, the big German bank Deutsche Bank said on Tuesday that it had asked for a license to store digital assets in Germany.
Even though the U.S. Securities and Exchange Commission (SEC) is cracking down on crypto platforms, it doesn’t seem to be stopping TradFi players.
In an email to CoinDesk, Leo Mizuhara, CEO of digital asset management platform Hashnote, said that the upswing “surprised a lot of observers” who were caught up in the “regulatory doom and gloom” that included Securities and Exchange Commission (SEC) cases earlier this month.
“A number of things are happening at the same time, which is good news for Bitcoin and digital assets in general,” Mizuhara wrote. “Institutions like BlackRock and Fidelity are now getting involved in a big way, and these moves don’t seem to have been taken into account.”
Mizuhara also said, “The macro backdrop is shifting away from monetary tightening and toward monetary loosening, especially in China but, it seems, also in the U.S.” I don’t want to make promises, but the long-term trend is very good, and that’s exciting to see.”
