Defense Accuses DOJ of Providing 'Inaccurate' Information Regarding Sam Bankman-Fried's Laptop Access

MicroStrategy's Significant Bitcoin Impairment Losses May Mislead: Berenberg

Former FTX Executive Ryan Salame Faces Potential $1.5B Forfeiture Following Guilty Plea

Bitcoin has once again surpassed the $30,000 mark this year, fueled by an optimistic market sentiment and an increasing involvement of traditional finance (TradFi) players in the cryptocurrency industry.

Bitcoin has demonstrated impressive growth, with a remarkable surge of over 10% in the past 24 hours. According to TradingView data, the cryptocurrency has once again surpassed the $30,000 mark, marking its return to this level for the first time since April 2023.

"It seems that the crypto market is going to be completely restructured in the country by the biggest investment firms in the near future," Ruslan Lienkha, chief of markets at Web3 crypto and fiat service provider YouHodler, wrote in an email to CoinDesk. "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."

The cryptocurrency market has experienced a significant surge in value, coinciding with the recent filing of spot bitcoin ETF applications by renowned traditional financial giants such as BlackRock, Invesco, and WisdomTree. Additionally, a new crypto exchange called EDX was launched on Tuesday, boasting the support of prominent players from the traditional finance sector. The exchange, backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities, will provide access to four major tokens in the United States, namely bitcoin, ether, bitcoin cash, and litecoin. Notably, the news of these developments has also spurred a remarkable rally in bitcoin cash (BCH), with the digital currency recording a 25% gain on the same day.

In another significant development, Deutsche Bank, a renowned banking institution, revealed on Tuesday that it had submitted an application for a digital asset custody license in Germany.

Leo Mizuhara, the CEO of Hashnote, a digital asset management platform, expressed his surprise at the recent upswing in an email to CoinDesk. Mizuhara noted that many observers were immersed in a sense of "regulatory doom and gloom" due to the Securities and Exchange Commission (SEC) lawsuits that occurred earlier this month.

"We’re experiencing a confluence of events that is shaping up to be bullish for Bitcoin and digital assets more generally," Mizuhara wrote. "You now have institutions like BlackRock and Fidelity getting into the space in a significant way, and these moves appear not to have been priced in."

Mizuhara added that "the macro backdrop is shifting away from monetary tightening to one of loosening more generally, particularly in China but also, it seems, in the United States. I don’t want to make predictions, but the momentum is incredibly positive for the longer term and it’s exciting to see.”

Source Coindesk