2023-06-21 19:06:08
Bitcoin jumped 10%…it exceeded thirty thousand dollars for the first time since April
Bitcoin rose on Wednesday to its highest level in more than two months, following investor sentiment rose over the prospects of issuing an exchange-traded cryptocurrency fund (ETF), following several attempts that saw the release of several recent apps from investment management firms, including… Industry giant “BlackRock”.
And in the early hours of trading on Wednesday in New York, the price of bitcoin jumped by more than 10%, exceeding thirty thousand dollars per unit, to reach the price of $ 30,600, for the first time since last April, according to data from the “Coin Telegraph” website, which specializes in bitcoin. Cryptocurrency data.
Investor optimism has risen recently following the increasing interest of some of the largest money management companies in America, including “Black Rock”, which manages assets worth nearly $ 10 trillion, in investing in digital assets.
After all the bad news surrounding the crypto space recently, with the market still affected by the FTX collapse scandal, and the ensuing regulatory fallout, cryptocurrencies during the second quarter of the year seemed to be trying to shake off all the dust, supported by a momentum that gave them a rise of more than 80%, compared to its level at the beginning of the current year.
Vijay Aiyar, head of international market dealings at CoinDCX, India’s largest cryptocurrency exchange, told CNBC that the aggressive campaign for the Bitcoin fund by major institutions has “definitely restored the bullish trend to the currency markets.” encrypted”.
“The market reached a great support at the price of $25,000, and we saw that the movement at this price was more driven by buying, not by closing short-selling positions, which we considered a very healthy phenomenon,” Ayar continued.
Earlier this week, BlackRock placed an order to launch an ETF that specializes in Bitcoin and tracks the underlying spot market price of the currency. Such a fund would give cryptocurrency investors the opportunity to gain exposure to Bitcoin, without having to own it.
Following BlackRock’s latest announcement, a host of other asset managers have also submitted their own applications to issue private crypto funds, including Wisdom Tree.
In a related context, investors have returned to closely following macroeconomic indicators in recent months, in an attempt to anticipate future movements in the cryptocurrency market, despite what appeared to be a disconnect between them during the last half of last year.
Cryptocurrencies were previously associated with movements in financial markets more broadly, as Bitcoin and its siblings moved mostly with US stock markets, especially major technology companies.
Cryptocurrencies benefited during the current year from the expectations of the current rate hike cycle approaching its end, which helped them achieve huge gains, in parallel with the rise in the stocks of major technology companies.
The Nasdaq index has risen since the beginning of the year by more than 35%, by the end of trading on Tuesday.
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