Bitcoin surged past the $29k mark today after increasing in value by more than 6% over the last 24 hours. This comes as institutional interest in cryptocurrencies is increasing.
Earlier this week, BlackRock, the world’s largest asset management firm with nearly $10 trillion in assets under management, filed for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Market participants are optimistic that the SEC could approve the ETF due to the company’s high standing.
A few hours ago, EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel, also went live. This increased interest in the crypto market by traditional financial institutions is likely what fueled Bitcoin’s rally.
At press time, the price of Bitcoin stands at $28,834 per coin. If the current market momentum is maintained, Bitcoin could be looking to break past the $30k psychological level in the near future. The technical indicators currently show that Bitcoin is bullish.
The total cryptocurrency market cap also surged past the $1.1 trillion mark a few hours ago as Bitcoin and the other leading cryptocurrencies rallied.
