Bitcoin (BTC) surpassed $30,000 for the second time this year on the 21st. Bullish sentiment has spread in the market as many TradFi (traditional finance) players are making inroads into crypto assets (virtual currencies).
According to TradingView data, at the time of writing this article, Bitcoin rose by more than 10% in 24 hours and exceeded $ 30,000 since April 2023. divided into ).
“In the near future, it looks like the U.S. crypto market will be completely reshaped by big investment firms,” Ruslan Lienkha, head of markets at wallet provider YouHodler, told CoinDesk.
“More investors will be able to invest in crypto assets with less risk. It’s important to realize that interest in mutual funds is enough to drive prices higher.”
Bitcoin’s rally was driven by the re-applications of Bitcoin spot ETFs by TradFi giants Invesco and WisdomTree following BlackRock last week. Similarly, on the 20th, EDX Markets, a cryptocurrency exchange backed by the TradFi giant, launched.
Backed by Charles Schwab, Citadel Securities, and Fidelity Digital Assets, EDX Markets will invest in Bitcoin, Ethereum (ETH) and Bitcoin Cash (BCH) in the United States. ) and Litecoin (LTC). Bitcoin Cash also surged about 25% in 24 hours on the news.
Deutsche Bank, a major German bank, announced on the 20th that it has applied for a custody license for digital assets in Germany.
The US Securities and Exchange Commission’s (SEC) regulatory action on cryptocurrency exchanges doesn’t seem to deter TradFi players either.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin Breaks $30K Amid TradFi Push Into Crypto