Cryptocurrencies are seeing an unprecedented influx of capital in a change in market dynamics. This influx comes amid several developments and updates in the crypto industry, impacting Bitcoin (BTC) and the main cryptocurrencies.
Bitcoin, the world's largest cryptocurrency market, is leading the rise in influx into the cryptocurrency market. In the last 24 hours, the asset has seen a huge jump in its price, pushing it above its previously traded $30,000 mark. This increase has brought the increase in assets to almost 10% and the value of the global crypto market to 9.5% in the last day.
Crypto Gains Momentum With Major Financial Institutions
He The rise of Bitcoin and the influx of capital into the global crypto market can be attributed to black rock, the world's largest asset manager. Last week, this company applied for a spot Bitcoin Exchange Traded Fund (ETF), converting the storytelling around the asset from fear and uncertainty to hopeful and clearer.
Along with other significant developments, this move has spurred a capital rise in the crypto market, particularly driving Bitcoin past the long-awaited $30,000 mark.
In addition to BlackRock's Recent Move towards a Bitcoin ETF, Invesco has also made a similar request. Meanwhile, WisdomTree and Deutsche Bank is making its markwith Strategic Actions in Your Bitcoin ETF Presentation and the last one through the application for a crypto custody license.
These actions exemplify a marked change in the vision of the cryptocurrency industry and have played an important role in encouraging the massive inflow of capital into the cryptocurrency market. As of June 21, 2023, more than $100 billion entered the market, underscoring the growing conviction in the robust potential of digital assets.
Rising Capital, Confidence, and Bitcoin's Leap Beyond $30,000
It is worth noting that andEarlier this month, the crypto market capitalization plummeted to approximately $1.060 trillion. Within a few weeks, however, the market quickly rebounded and has seen a huge influx ever since, catapulting the market capitalization to a current high of $1.21 trillion.
This substantial increase indicates the growing confidence and enthusiasm among investors seeking varied returns and opportunities through digital assets.
Complementing this upbeat market sentiment, the launch of EDX MarketsA crypto exchange backed by investors like Citadel Securities, Fidelity Investments, and Charles Schwab has been flagged.
Bitcoin, the leading cryptocurrency, continues to exert force in the market. In the last 24 hours, Bitcoin has shot up above the $30,000 markreflecting an increase of more than 9% and an addition of more than $50 billion to its market value.
At the time of writing, Bitcoin is currently trading at $30,103, a significantly high level compared to previously traded levels amid heightened scrutiny of crypto regulations that hit the the biggest players in the industry including Binance and Coinbase.
As a consequence of Bitcoin's strong performance, other major altcoins have also seen a favorable rally, reflecting the interconnectedness of the market. Ethereum (ETH) is currently up 6.9%, Binance Coin (BNB) 3.5%, and Cardano (ADA) 8.3%.
Unsplash Featured Image, TradingView Chart
