Bitcoin Price Hits Six-Week High on Crypto Moves by Financial Titans; Ethereum up 4%, other tokens rally

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Bitcoin price hit a six-week high as sentiment in the crypto market improved after interest from major players in the traditional financial sector.

The world’s largest digital asset gained over 7% to over $28,850. Its market value soared to $559.5 billion. Bitcoin prices are up over 70% this year so far.

Among smaller coins, Ethereum, the second-largest virtual currency, rose nearly 5% to $1,813.79 with a market capitalization of $218.3 billion. Cardano and Solana also traded over 7% and 4% higher, respectively.

The crypto market was buoyed by the launch of EDX Markets, a digital asset exchange backed by companies including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.

Additionally, BlackRock Inc. and WisdomTree Inc. have followed each other in quick succession to launch spot U.S. bitcoin exchange-traded funds, Bloomberg reported.

Read here: BlackRock Files for Bitcoin Spot ETF: Report

The entry of traditional institutions into the crypto market has fueled optimism among digital asset investors after gloom caused by a crypto crackdown by the U.S. Securities and Exchange Commissions.

Previously, the US regulator filed lawsuits against stock exchange operators Binance Holdings Ltd. and Coinbase Global Inc. and designated a series of digital tokens as unregistered securities.

A rout in crypto last year wiped out $1.5 trillion and contributed to blowouts such as the collapse of the FTX exchange. Bitcoin remains well below its liquidity-fuelled 2021 peak of nearly $69,000 during the pandemic era, according to the Bloomberg report.

Read all the news related to the cryptocurrency market here

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Updated: June 21, 2023, 11:24 a.m. IST

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