Bitcoin price jumped to a six-week high as sentiment in the crypto market improved after interest from major players in the traditional financial sector.
The world's largest digital asset gained more than 7% to over $28,850. Its market value jumped to $559.5 billion. Bitcoin prices are up over 70% this year so far.
Among the smallest coins, Ethereum, the second largest virtual currency, was up nearly 5% to $1,813.79 with a market capitalization of $218.3 billion. Cardano and Solana also traded 7% and 4% higher, respectively.
The crypto market was boosted by the start of EDX Markets, a digital asset exchange backed by firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.
Additionally, BlackRock Inc. and WisdomTree Inc. have applied in quick succession to launch US Bitcoin exchange-traded funds, Bloomberg reported.
Read here: BlackRock Files Paperwork for Spot Bitcoin ETF: Report
The entry of traditional institutions into the crypto market fueled optimism among investors in digital assets after the pessimism caused by the US Securities and Exchange Commission's crackdown on crypto.
The US regulator had previously filed lawsuits against exchange operators Binance Holdings Ltd. and Coinbase Global Inc. and designated a number of digital tokens as unregistered securities.
A crypto rout last year wiped out $1.5 trillion and contributed to outbursts like the bankruptcy of the FTX exchange. Bitcoin remains well below its 2021 peak fueled by pandemic-era liquidity of nearly $69,000, according to the Bloomberg report.
Read all the news related to the cryptocurrency market here
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Updated: Jun 21, 2023 11:24am IST
