- Bitcoin surges by 5.8% to $28,800, signalling a strong trading day for digital assets.
- BlackRock’s filing for a US spot bitcoin ETF highlights sustained institutional interest in Bitcoin, despite previous market crashes and regulatory challenges.
- Financial giants like Fidelity and Citadel Securities enter the crypto space, with Fidelity offering crypto investment options and Citadel Securities launching EDX Markets, a digital asset market supporting major cryptocurrencies.
Bitcoin and Ether kick off a trading day on Wednesday strong, as the world’s largest digital asset climbs 5.8% to $28,800
Short sellers got disposed of in the crypto market as 43,951 traders got liquidated bringing total liquidation to $157.02 million. The single largest liquidation order was Binance – $4.67 million. Over the past 24 hours, the cryptocurrency market totalled $45.3 billion, up 62.20%.
Sentiment in the crypto industry has been on the rise since late last week when BlackRock, the world’s largest asset manager, submitted its application for the first US spot bitcoin ETF. The filing comes a week after the Securities and Exchange Commission sued two of the largest cryptocurrency exchanges, Binance and Coinbase.
Bitcoin’s surge
Bitcoin’s surge above $28,000 also comes as Bitcoin’s share of cryptocurrency market capitalization surpassed 50% for the first time in two years. Unlike most other digital assets, Bitcoin has not been embroiled in the complex regulations experienced in the United States.
BlackRock’s Bitcoin ETF filing highlights that institutional interest in Bitcoin remains undiminished despite the crashes and bankruptcies seen earlier this year and in late 2022.
Many incumbent financial institutions want to show enthusiasm for blockchain technology and how it can evolve traditional financial infrastructure. However, most top financial brands are still more conservative when it comes to their views on cryptocurrency investing.
Fidelity, a top American asset manager has been actively following its crypto development since 2014. In recent years, the company opened its Fidelity Digital Assets division, developed a commission-free investment app for retail investors called Fidelity Crypto and began offering 401(k) investors access to cryptocurrencies. (Employers should offer available options).
Way forward
Traders are hopeful that some of the reputational risk associated with doing any kind of crypto business, which for some investors has been a mental barrier to buying bitcoin, may start to dissipate because of large names like BlackRock and Fidelity making their cryptocurrency commitments public.
Investors also increase their buying pressures on reports that well-known financial organizations like Citadel Securities, Fidelity Investments, and Charles Schwab, created a crypto exchange known as EDX Markets. The business recently announced the June 20 launch of its digital asset market, which signifies its official debut in the sector.
The exchange intends to draw “industry leaders” by adopting best practices from conventional finance and providing distinctive advantages, including liquidity, competitive quotes, and a non-custodial model aimed to reduce conflicts of interest, according to the statement. Only four crypto assets, namely Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are now supported for trading on EDX.
Please i need to register and start trading