Bitcoin Hits Year-to-date High Amid Growing Institutional Interest
BITmarkets Team
Jul 02, 2023
Bitcoin’s (BTC) price-tag has set a new year-to-date high of $31,431 on June 23 amid recent growing interest in crypto from renowned financial institutions BlackRock and Fidelity Investments.
The two behemothic institutions filed for a spot Bitcoin exchange-traded fund (ETF) within the past two weeks, which has nullified the subjectively-negative news surrounding cryptocurrency – the United States Securities and Exchange Commission’s (SEC) crackdown on Binance & Coinbase and increased regulatory scrutiny by European nations.
After BlackRock filed for a spot Bitcoin ETF in the United States on the 15th of June, BTC began to rally; BlackRock was not the first to apply for a Bitcoin ETF with the SEC, but is the largest of all current applicants. Deutsche Bank followed suit five days later by applying for a digital asset custody license in Germany.
The U.S. dollar is cooling down from red-hot inflation which has bestowed positive sentiment among cryptocurrency traders; individua and institutions. Should more companies invest into digital assets, whether cryptocurrencies, NFTs or ETFs, the market capitalization of cryptocurrencies is expected to grow.
Sources:
https://cointelegraph.com/news/why-is-bitcoin-price-up-today
