Bitcoin‘s price hits $29,000, driven by a series of exchange-traded fund (ETF) applications in the United States and increased institutional interest in facilitating crypto trading. According to EgeMoney data, Bitcoin reached $29,012.81 on Wednesday and is currently hovering around $28,980, showing a 7.5% increase on a daily basis.
The bullish momentum started on June 15th when BlackRock filed an ETF application with the U.S. Securities and Exchange Commission. At that time, Bitcoin was trading around $25,300. Since then, Bitcoin has continued its upward trend, reaching $29,000 with an 11.6% weekly increase, fueled by ETF applications and the institutional support following BlackRock’s application.
WisdomTree and Invesco, asset managers, also filed similar applications this week following BlackRock’s spot Bitcoin ETF application.
When Will EDX Markets Commence?
The launch of EDX markets, a cryptocurrency exchange backed by Fidelity, Charles Schwab, and Citadel Securities, on Tuesday, seems to have further bolstered the bullish momentum. EDX currently supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
In Europe, Germany’s largest bank, Deutsche Bank, reportedly applied for a license for a crypto custody platform with the country’s financial regulator, adding to the positive sentiment.
The bullish momentum in Bitcoin has also lifted altcoin prices. Ethereum (ETH) has reclaimed the $1,800 level it lost earlier this month following the U.S. Securities and Exchange Commission’s new lawsuit against Binance and Coinbase.
The total market capitalization of all cryptocurrencies has risen by 6.2% in the last 24 hours, reaching $1.18 trillion.
