Bitcoin price, on June 22, has surged above $30,000 and is trading at $30,280 on CoinMarketCap at the time of writing. Bitcoin trading volume reached $33.3 billion while its market cap is $583 billion. Bitcoin’s price increase drives other cryptocurrencies to go up: ETH up 5.46%, BNB up 0.5 %, XRP up 1.68%, ADA up 6.4%, DOGE up 4.5%, SOL up 3.77%, MATIC up 5.7%, and more.
The crypto market flourishes, partly due to the launch of EDX Markets – the crypto exchange backed by 3 Wall Street giants: Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. Meanwhile, the world’s leading asset managers BlackRock and WisdomTree also filed applications for a Bitcoin ETF in the US. These events have allayed the market fears after the SEC sued two major exchanges Binance and Coinbase. In the lawsuits, the US regulator has labeled a series of cryptocurrencies as unregistered securities.
“The rally is backed by institutional demand. The BlackRock announcement on a Bitcoin ETF, plus EDX Markets, gave Bitcoin a boost on hopes that traditional institutions will add depth to the crypto market”, said Hayden Hughes, co-founder of social trading platform Alpha Impact.
“The BlackRock filing changed everything that reignited the race,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
In fact, the crypto market is under pressure due to legal regulations in the US. Along with that, the Fed may continue to raise interest rates again after pausing this month.
Despite the rebound, Bitcoin price is still far below its all-time high of nearly $69,000 at the end of 2021. Last year, nearly $1.5 trillion evaporated from the crypto market following the Fed’s interest rate hikes. The crypto market crash caused a series of companies and exchanges to go bankrupt, including the FTX exchange.