Bitcoin Breaks Out $29K Mark While Crypto Market Still Struggling - While the crypto market is still reeling due to strict regulations, Bitcoin goes against the storm.

    The world’s largest cryptocurrency, Bitcoin, on Wednesday, broke out the $29,000 mark for the first time since May 28 and temporarily peaked at $29,088. At the time of writing, Bitcoin is trading at $28,740, up nearly 7% in just 1 day. On June 19, Bitcoin dominance – which is measured by Bitcoin’s market cap over the total cap of the entire crypto market – also hit the 50% mark – the first time after more than 2 years.

    Source: CoinMarketCap

    Bitcoin’s momentum mainly comes from notable moves of big financial players. Last week, the world’s largest asset management firm BlackRock filed an application for a Bitcoin ETF with the SEC. The SEC although allowed many bitcoin futures ETF, it has yet to approve any spot bitcoin exchange-traded fund listing to date. Bitcoin ETF has long been expected to open a new growth driver for Bitcoin as it allows BTC to be traded on the licensed US stock exchange, thus reaching millions of investors, both individuals and institutions.

    On June 20, the crypto market continued to welcome the unexpected launch of EDX Markets, a crypto exchange backed by 3 Wall Street giants, Fidelity, Charles Schwab and Citadel. Germany’s trillion-dollar bank – Deutsche Bank also announced that it had applied for a crypto custody service. For banks, this is usually the first step before moving towards offering crypto trading to wealthy customers and then to all users.

    Today, WisdomTree also filed an application for a Bitcoin Spot ETF. Accordingly, WisdomTree Bitcoin Trust will be listed on Cboe BZX exchange under the label BTCW.

    Bitcoin’s bullish momentum stands in contrast to the rest of the crypto market, which is reeling due to the SEC’s lawsuits against Binance and Coinbase. In the lawsuit, this agency labeled a series of mainstream crypto tokens as unlicensed securities, setting the market on fire. The SEC chairman Gary Gensler has so far still insisted that all cryptocurrencies are securities, with the exception of Bitcoin.

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