Institutional Interest Drives Bitcoin to New Heights
Bitcoin has been performing well since the beginning of the week, reaching a new milestone just a few hours ago. The leading cryptocurrency hit the $29,000 mark for the first time since May, following a 6% surge in value over the past 24 hours.
At the time of writing, the price of Bitcoin stands at $28,834 per coin. It reached a daily high of $29,110 a few hours ago before settling back above $28,800 per coin.
The rally comes as institutional interest in the cryptocurrency market has been growing in recent days. Earlier this week, BlackRock, the world’s largest asset management company with nearly $10 trillion in assets under management, filed an application with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF).
The SEC has rejected all spot Bitcoin ETF applications submitted over the years. However, market participants are optimistic that the SEC may approve BlackRock’s application due to the company’s reputation.
A few hours ago, EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel, also went live. The increased interest from traditional financial institutions has driven Bitcoin’s rally in the past 24 hours.
Bitcoin Aims for $30,000
If the current market momentum continues, Bitcoin could attempt to break through the psychological $30,000 mark in the near future. The technical indicators currently show that Bitcoin is bullish.
If bulls can maintain the current market sentiment, Bitcoin could rise towards the $30,000 mark in the next few hours. The total market capitalization of cryptocurrencies crossed the $1.1 trillion mark a few hours ago as Bitcoin and other leading cryptocurrencies experienced a rally.
In conclusion, Bitcoin’s surge to $29,000 is fueled by increased institutional interest in the cryptocurrency market. With BlackRock’s ETF application and the launch of EDX Markets, traditional financial institutions are showing a growing inclination towards cryptocurrencies. This development has propelled Bitcoin’s rally in the past 24 hours, with the possibility of aiming for the $30,000 mark in the near future. The overall market sentiment remains optimistic, and investors are keeping a close eye on Bitcoin’s trajectory.
