With the growth of institutional interest in Bitcoin ETFs, the $30,000 mark is only a matter of time.
Data from CoinMarketCap indicates that the price of Bitcoin has soared by 10.82% over the last 24 hours, sitting at $30,240 at the time of writing.
The price movement turned bullish after BlackRock’s news of the Bitcoin ETF filing earlier this week. It was additionally bolstered during the week due to supporting reports from Fidelity and Deutsche Bank.
Bitcoin Blasts Higher
Previously, market analysts were optimistic that the flagship cryptocurrency could break through the $29,000 mark, significantly when the wave of ETF filings is rising. The latest update of price exceeded that expectation.
In the latest developments, WisdomTree and Invesco are the latest giants that reportedly jump on the Bitcoin ETF bandwagon.
According to documents filed with the SEC, WisdomTree recently submitted its WisdomTree Bitcoin Trust (BTCW) on June 20, aiming to get the ETF listed on the Cboe BZX exchange.
WisdomTree previously attempted to obtain approval for two ETF applications; the SEC turned down the proposals. However, the recent move by investment titan BlackRock has injected a renewed sense of optimism, motivating WisdomTree to rekindle its pursuit of the Bitcoin ETF.
Meanwhile, another prominent player seeking the SEC’s approval is Invesco, which has dusted off its 19b-4 documentation to pave the way for a spot ETF listing. Invesco aims to list the Invesco Galaxy Bitcoin ETF on the Cboe BZX Exchange, signaling their entry into the rapidly expanding market.
ETFs Could Spur Buying
Adding to the mounting enthusiasm, reports suggest that Fidelity Investments, a stalwart in the financial arena, is also eyeing the Bitcoin ETF bandwagon.
Fidelity’s interest in this venture coincides with its support for the recently launched cryptocurrency exchange, EDX, joining the ranks of other Wall Street giants such as Schwab and Citadel.
As these heavyweights converge on the scene, speculation abounds regarding the coincidental timing of lawsuits between the SEC and several major crypto exchanges. While some entertain conspiracy theories, others focus on the potential positive outcomes of institutional and mainstream adoption, particularly in the wake of possible Ethereum (ETH) approvals.
Is the Bull Back?
Bitcoin and other leading cryptocurrencies are experiencing significant benefits as their prices surge.
Ether, the second-largest cryptocurrency, witnessed a remarkable increase of 6.16% within a specified time frame, reaching $1,863. This milestone marked the first time Ether surpassed the $1,800 mark since June 10.
Meanwhile, Litecoin emerged as the top gainer among the top 10 cryptocurrencies, soaring 9.74% to $84.94 in the past 24 hours.
The overall market capitalization of the cryptocurrency market witnessed a notable upswing, rising by 5.75% to reach $1.11 trillion in 24 hours. Additionally, the market volume experienced a substantial surge, surging over 60% to reach $39.55 billion, according to data from CoinMarketCap.
With a market capitalization of $583 billion, Bitcoin dominated the market with a share of 49.4%, marking a two-year high.
The last time Bitcoin dominance exceeded 49% was in April 2021, when Bitcoin traded above $53,000. These figures highlight the influential role Bitcoin continues to play in the crypto market.
While the SEC holds considerable sway, the Federal Reserve’s decisions carry significant weight. During the Federal Open Market Committee (FOMC) meeting, the Fed announced no interest rate increase in June. However, the regulatory body emphasized that the likelihood of rate peaks.
Despite the current rally, some experts caution against the implications of such volatile price fluctuations on the economic outlook.
As the market remains unpredictable, observers are left pondering whether Bitcoin can serve as a hedge in such a scenario or if further price declines are in store. For now, investors can savor the positive momentum and take advantage of the ongoing rally in the cryptocurrency market.