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Bitcoin skyrockets 20% in a week to hit $30,000 amid institutional backing

Bitcoin skyrockets 20% in a week to hit $30,000 amid institutional backing

Despite facing mounting regulatory heat in the United States, Bitcoin (BTC), the world’s leading cryptocurrency, has found respite in a recent surge of interest from institutional investors. This newfound enthusiasm from established financial players has effectively offset the losses experienced by Bitcoin, reigniting optimism within the crypto community.

Notably, BTC surged above the $30,000 mark on Wednesday, June 21, marking the second time it has reached that threshold in 2023, now driven by a flurry of major traditional finance (TradFi) players foraying into the nascent crypto space. 

Last week, BlackRock, the largest asset management firm in the world and a Wall Street bigwig said it has filed to launch a spot Bitcoin exchange-traded fund (ETF). A few days later, two other well-known TradFi firms followed suit, including Invesco and WisdomTree.

At the same time, EDX, a new crypto exchange backed by institutional giants such as Fidelity Digital Assets, Citadel Securities, and Charles Schwab, announced its launch. EDX will initially list only four cryptocurrencies, including BTC, Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), which soared 20% on the announcement. 

Bitcoin price analysis

At the time of publication, the crypto coin was trading at $30,080, up 4.20% in the past 24 hours. BTC previously reached an intraday high of $30,664, before retracing to the current level. 

BTC 1-day price data. Source: Finbold

On a weekly chart, Bitcoin is up more than 20%, and over 80% since the start of the year.

On Thursday, June 22, widely-followed crypto market expert Michaël van de Poppe weighed in on BTC’s latest rally. 

According to him, Bitcoin dominance, which is currently at 49.5%, is now “approaching the next point of resistance,” while BTC’s price also closes in on the next resistance level. 

In turn, this means that Bitcoin will likely “start to consolidate, so altcoins have some period of relief approaching and can pick up pace.”

The last time Bitcoin touched the $30,000 level was in April, marking a significant milestone. However, its stay at this price level was fleeting, lasting only for a brief period. This time, with a fresh influx of capital and growing institutional confidence, investors hope BTC will retain its upward trajectory.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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