Bitcoin Breaks $30K Barrier
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) continue to gain momentum with Bitcoin (BTC) breaking the $30,000 barrier for the second time this year amid bullish sentiment in the market following a number of traditional finance (TradFi) players pushing further into crypto.
Investment giants such as BlackRock, Fidelity, Invesco and WisdomTree unveiling their plans of launching BTC-based products and have approached the U.S. markets regulator Securities Exchange Commission (SEC) has bolstered investor sentiment.
BTC has gained more than 10% over the past 24 hours. Most recently it changed hands 6.13% higher at $30,175. The last time bitcoin reached above $30,000 was on April of 2023. Ethereum (ETH), the second largest cryptocurrency by market capitalisation, was quoting 6.27% stronger at $1,914.
Meanwhile, EDX crypto exchange, which is backed by major TradFi players, also launched on Tuesday. The exchange is backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities and will offer four tokens in the U.S., including bitcoin, ether, bitcoin cash and litecoin. Bitcoin cash (BHC) has also rallied following the news, gaining 25% on the day.
As a result, the global crypto market cap gained 4.61% over the last 24-hours to reach $1.17 tn, led by 50.02% rise in the
total crypto market volume to $60.03. The total volume in DeFi is currently $3.67 bn, and all stablecoins $56.18 bn, represents 6.11% and 93.59% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.74%, an increase of 0.54% over the day.
IC15 index, the barometer of top fifteen tokens, jumped 4.05% to 39,989.
Other developments include banking giant Deutsche Bank announcing Tuesday that it had applied for a digital asset custody license in Germany.
TradFi players appear not to be deterred by a regulatory crackdown from the U.S. SEC against crypto exchanges.
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