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The price of Bitcoin (BTC) is approaching $30,000 once again, thanks to a nearly 9% gain over the past 24 hours. If Bitcoin rises above $30,000, it would be the first time since April that the leading cryptocurrency has broken this key psychological level. BTC has rocketed higher over the past day thanks to a couple of big headlines, which follow several months of bad news. To wit: A number of major institutional investors appear poised to boost their participation in cryptocurrency, and a new type of crypto exchange is launching, which may help ease regulatory jitters. Bitcoin has been below $30,000 since April—and even then, it was only above that threshold for a little over a week. That was the first time since June 2022 that Bitcoin was worth more than $30,000, which is still more than 50% off its all-time high of $64,400 set in November 2021. { "symbols": [ [ "BITSTAMP:BTCUSD|1D" ] ], "chartOnly": false, "width": 1000, "height": 500, "locale": "en", "colorTheme": "light", "autosize": false, "showVolume": false, "showMA": false, "hideDateRanges": false, "hideMarketStatus": false, "hideSymbolLogo": false, "scalePosition": "right", "scaleMode": "Normal", "fontFamily": "-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif", "fontSize": "10", "noTimeScale": false, "valuesTracking": "1", "changeMode": "price-and-percent", "chartType": "area", "maLineColor": "#2962FF", "maLineWidth": 1, "maLength": 9, "lineWidth": 2, "lineType": 0, "dateRanges": [ "1d|1", "1m|30", "3m|60", "12m|1D", "60m|1W", "all|1M" ] } Ethereum (ETH) has been gaining hand-in-hand with BTC. Coming off a trough that brought the world’s leading altcoin down to levels it hadn’t seen since March, ETH is up more than 6% over the past 24 hours, topping $1,800 for the first time in almost two weeks. Featured Partners1eToroFees 1%/1%Cryptocurrencies Available for Trade 20+1eToroLearn More Via eToro's Website2UpholdFees (Maker/Taker) 0.95%/1.25%Cryptocurrencies Available for Trade 200+2UpholdLearn More On Uphold's Website3Crypto.comFees (Maker/Taker) 0.40%/0.40%Cryptocurrencies Available for Trade 170+3Crypto.comLearn More On Crypto.com's WebsiteWhy is Bitcoin Going Up Today? The overall bullish sentiment in crypto during the past 24 hours comes from a wave of good news. Most recently, EDX Markets—a new kind of crypto exchange—launched on Tuesday. EDX has seen investments from traditional financial institutions such as Citadel Securities, Charles Schwab and Fidelity Digital Investments. EDX Markets will function as a “non-custodial” crypto exchange. This means it won’t hold its clients’ money in custodial accounts. Instead, it will merely facilitate trades, while simultaneously partnering with a third party to handle custodial arrangements. This process will address some of the recent regulatory issues surrounding cryptocurrency, namely the need to separate broker-dealer functions from exchanges themselves. In addition to the launch of EDX Markets, in recent weeks two different institutional investors have entered the crypto space by applying to launch Bitcoin exchange-traded funds. Black Rock filed last week to launch a U.S.-based Bitcoin ETF. While on Tuesday, Deutsche Bank announced that in Germany it had applied for a license to hold digital assets in custody. Is Crypto Winter Over? These moves brought the crypto bulls out of the woodwork as it looks like some of crypto’s most recent woes could be circumvented. A spate of recent regulatory issues has sent crypto prices plummeting in recent weeks. At the start of June, the U.S. Securities and Exchange Commission (SEC) filed lawsuits against crypto exchanges Binance and Coinbase. In both cases, the SEC declared regulatory authority over the exchanges by claiming that most cryptocurrencies are actually securities and hence fall under the purview of existing laws. What Does Bitcoin’s Bounce Mean for Investors? The big question facing investors now is whether this is yet another sign that the Bitcoin bottom is in or if the refuge is merely a dead cat bounce—where prices temporarily rebound amid a longer-term negative trend, only to resume the downward fall after that. While the bounce has provided a welcome reprieve, the reality is that we are in unprecedented territory regarding a number of factors, including the geopolitical climate, economic indicators, crypto regulations and the Fed’s relationship to interest rates. Anyone familiar with the industry knows that even at the best of times, predicting the short-term price action of digital assets is near impossible. That holds particularly true in this market environment.
Read more: forbes
