1. Bitcoin surpasses $30,000, driven by optimistic sentiment as TradFi players expand crypto involvement.
2. BlackRock, Invesco, WisdomTree apply for spot Bitcoin ETFs; EDX crypto exchange launched with major TradFi support.
3. Despite SEC crackdown, Deutsche Bank applies for digital asset custody license; positive outlook expressed by CEO.

The price of Bitcoin has surpassed the $30,000 mark once again in 2023, driven by optimistic market sentiment, as several traditional finance (TradFi) participants continue to expand their involvement in the cryptocurrency industry.

According to data from TradingView, the cryptocurrency has experienced a growth of over 10% within the last 24 hours. This surge has propelled Bitcoin’s value beyond $30,000, a threshold it previously surpassed in April of 2023.

Ruslan Lienkha, Chief of Markets at YouHodler, a Web3 crypto and fiat service provider, suggests that significant investment firms are poised to bring about a complete restructuring of the crypto market in the country in the coming days.

More investors will have access to crypto investments with much lower risks. Important to notice that a very small percentage of BlackRock or Fidelity clients interested in spot BTC ETFs are enough to move the price further north.

Ruslan Lienkha, Chief of Markets at YouHodler

Amidst the cryptocurrency rally, notable traditional finance (TradFi) giants such as BlackRock, Invesco, and WisdomTree have submitted applications for spot bitcoin ETFs. Additionally, EDX crypto exchange, supported by prominent TradFi participants including Fidelity Digital Assets, Charles Schwab, and Citadel Securities, was launched on Tuesday.

The exchange will provide four tokens, including Bitcoin, Ether, Bitcoin Cash, and Litecoin, to the U.S. market. Notably, the news has also sparked a surge in Bitcoin Cash (BHC), which has gained 25% in value during the day.

In addition, Deutsche Bank, a prominent banking institution, revealed on Tuesday its application for a digital asset custody license in Germany. Despite the regulatory crackdown by the U.S. Securities and Exchange Commission (SEC) targeting crypto exchanges, it seems that TradFi participants remain undeterred in their involvement with cryptocurrencies.

Leo Mizuhara, CEO of Hashnote, a digital asset management platform, expressed surprise at the recent upswing in the cryptocurrency market. Despite the prevailing “regulatory doom and gloom” caused by Securities and Exchange Commission (SEC) lawsuits earlier this month, Mizuhara noted that several factors are contributing to a bullish outlook for Bitcoin and digital assets.

The entry of institutions like BlackRock and Fidelity into the crypto space, in a significant manner, is seen as a positive catalyst that has not yet been fully reflected in the market. Mizuhara also highlighted a macroeconomic shift away from monetary tightening towards a more loosened approach, particularly in China and the United States. While Mizuhara refrained from making specific predictions, the overall momentum appears highly positive for the long term, evoking a sense of excitement.

Posted Date: July 8, 2023