Despite regulatory challenges in the United States, Bitcoin (BTC) has experienced a resurgence, fueled by growing interest from institutional investors.
This renewed enthusiasm from traditional financial players has helped offset previous losses, reigniting optimism within the crypto community.
BTC recently crossed the $30,000 threshold for the second time in 2023, driven by major traditional finance (TradFi) firms venturing into the crypto space.
Leading asset management firm BlackRock, alongside Invesco and WisdomTree, announced their plans to launch spot Bitcoin exchange-traded funds (ETFs).
This move by established financial players demonstrates their growing interest and confidence in cryptocurrencies, providing a significant boost to Bitcoin’s market sentiment.
EDX, a new crypto exchange supported by institutional giants such as Fidelity Digital Assets, Citadel Securities, and Charles Schwab, unveiled its launch.
Initially listing BTC, Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), the exchange witnessed a surge in Bitcoin Cash’s value by 20% following the announcement. Bitcoin’s current trading price sits at $30,080, marking a 4.20% increase within the past 24 hours.
Bitcoin’s weekly chart reveals a remarkable surge of over 20%, with an overall growth of more than 80% since the beginning of the year. These figures highlight the cryptocurrency’s resilience and potential for further growth in the coming months.
Crypto market expert Michaël van de Poppe shared insights on BTC’s latest rally, emphasizing that Bitcoin dominance, currently at 49.5%, is approaching the next point of resistance.
Simultaneously, BTC’s price is also closing in on the next resistance level, indicating further potential for growth in the near future.