‘Big News’—Crypto Now Braced For A Huge $27 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana And Litecoin Price Pump

Bitcoin
BTC
ethereum and other major cryptocurrencies have skyrocketed this year due to a myriad of different surprising factors.

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The bitcoin price has doubled from its late-2022 lows, rising to over $30,000 per bitcoin and driving up the price of ten other top BNB coins
bnb
XRP
XRP
, cardano, dogecoin and solana. The rise has seen $300 billion added to the combined market this year.

Now the world's largest asset manager BlackRock
BLACK
— which deals with around $10 trillion on behalf of clients — has triggered a flood of US spot bitcoin exchange-traded fund (ETF) applications that have a combined $27 trillion in assets under management.

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“Many of the largest financial institutions in the US are actively working to provide access to bitcoin and more,” CoinShares chief strategy officer Meltem Demirors said. aware to Twitter along with a list of financial institutions, including Fidelity, JPMorgan, Morgan Stanley
MS
Goldman Sachs, BNY Mellon, Invesco
IVZ
and Bank of America
bac
.

Fidelity is the latest financial giant to enter the race to be first to trade with a full spot bitcoin ETF, on Thursday refiled paperwork with the US Securities and Exchange Commission (SEC) to the so-called Wise Origin Bitcoin Trust it first proposed in 2021.

“Crypto markets enjoyed another positive week, with bitcoin stabilizing near its high $30,000 range,” Rachel Lin, founder of decentralized derivatives SynFutures, said in emailed comments.

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"Bitcoin's comparative performance against the broader crypto market strengthened, with no signs of a reversal. Altcoins, meanwhile, saw modest gains last week, followed by a more significant pullback this week. Bitcoin is trading near its medium-term highs , while most altcoin market caps are about 20% lower. Top altcoins like solana
SUN
polygon
MATIC
moles and algorithm
SOMETHING
They have yet to get back to their May levels."

Lin pointed to derivatives data that showed increased trading activity, with bitcoin open interest reaching $16 billion. Options open interest indicates 66% calls to 34% puts, with the most significant interest at the 35,000 and 32,000 call levels, acting as resistance if Bitcoin breaks the $30,000 level.

“Bitcoin dominance has reached a new yearly high of 52%. Bitcoin looks stronger than altcoins on the charts, even Ethereum
ETH
which previously held up well against Bitcoin is failing," Lin said, adding that "Bitcoin's outperformance is largely due to the Bitcoin ETF news."