What boosted Bitcoin to 30k?
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Institutional interest drives the price of bitcoin above USD 30,000
Bitcoin (BTC) topped $30,000 on Wednesday June 21 due to increasing institutional capital inflows.
The request comes in a changing investment landscape, after BlackRock, the world's largest investment firm, will file an application for its own ETF with the SEC on June 16. This news seems to have fueled the market, given that the firm has a track record of 575 approved applications and only 1 denied, before the SEC. With the release of the BlackRock ETF news, the bitcoin price rose 4% that same day.
In addition to ETFs, banks' interest in bitcoin has also been renewed. Deutsche Bank, the largest bank in Germany, recently confirmed that it is applying for a license from the Federal Financial Supervisory Authority (BaFin) to act as custodian of digital assets. Although they presented this initiative in February 2021, they have only now formalized the license application.
Other news that could be lifting the price of bitcoin is the support of Wall Street giants such as Citadel and Fidelity, who are pushing the launch of the EDX exchange, which began trading on Tuesday, June 20. The exchange is backed by large private capitals that traditionally operate outside of the cryptocurrency industry.
From June 15 to 21, the bitcoin price rose almost 20%, from $25,000 to $30,000, the second-biggest gain of the year.
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