Global crypto market Spikes as Bitcoin price reaches $30K
The global cryptocurrency market experiences a tremendous surge as the price of Bitcoin surpasses $30,000. The surge can be attributed to various factors and developments in the crypto industry, impacting not only Bitcoin but also other top cryptocurrencies.
Bitcoin has witnessed a significant increase in its price, pushing it above the $30,000 mark that it was previously trading at. This surge accounts for nearly a 10% increase in the asset's value and a 9.5% rise in the overall global crypto market value within the past day.
The surge in Bitcoin and the influx of capital into the global crypto market can be credited to BlackRock, the largest asset manager in the world. BlackRock recently filed for a Bitcoin Exchange Traded Fund (ETF), which has changed the perception of the asset from fear and uncertainty to optimism and clarity. Alongside other notable developments, this move has triggered a surge of capital in the crypto market, propelling Bitcoin beyond the highly anticipated $30,000 threshold.
Moreover, Invesco has also filed a similar application for a Bitcoin ETF, while WisdomTree and Deutsche Bank have made strategic moves in their respective Bitcoin ETF filings and crypto custody license applications. These actions signify a significant shift in the industry's perception of cryptocurrencies and have played a crucial role in attracting substantial capital into the crypto market. As of June 21, 2023, over $100 billion has entered the market, indicating a growing confidence in the substantial potential of digital assets.
It is worth noting that the crypto market's capitalization had recently dropped to around $1.060 trillion but quickly recovered within a few weeks, experiencing a substantial inflow that elevated the market cap to its current high of $1.210 trillion. This significant rise demonstrates the increasing trust and enthusiasm among investors seeking returns and diverse opportunities through digital assets.
In addition, the launch of EDX Markets, a crypto exchange supported by investors such as Citadel Securities, Fidelity Investments, and Charles Schwab, has contributed to the positive market sentiment.
Bitcoin continues to assert its dominance in the market, as it has surged above $30,000 in the past 24 hours, marking a growth of over 9% and adding over $50 billion to its market value.
Currently, Bitcoin is trading at $30,103, which is significantly higher than its previous levels, despite increased scrutiny of crypto regulations that have affected major players in the industry, including Binance and Coinbase.
As a result of Bitcoin's strong performance, other major cryptocurrencies have also experienced favorable price increases, reflecting the interconnected nature of the market. Ethereum is up by 6.9%, Binance Coin by 3.5%, and Cardano by 8.3%.
blogpay
Total Comments: 0