Bitcoin Soars to 6-Week High as Financial Giants Enter Crypto Market

Major Players Back New Exchange and Bitcoin ETF, Driving Cryptocurrency Surge

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Bitcoin “climbed” to a 6-week high (i.e. the highest level since early May) after major players from the financial sector participated in the cryptocurrency market.

More specifically, the “king of crypto” on Tuesday morning (local time) “jumped” 2.2% to $28,795, soaring a total of 74% since the beginning of 2023. At the same time, other cryptocurrencies such as Ether (+1.36% to $1,811), Cardano and Solana are also recording gains.

Market investors have received a “helping hand” from the launch of a digital asset exchange, EDX Markets, backed by companies such as Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp.

In addition, BlackRock and WisdomTree have applied to create a bitcoin spot ETF something that will be a vehicle for large investors to invest in bitcoin, according to Bloomberg.

As it became known yesterday, discussions about the new venture go back to 2021, while EDX Markets had first announced plans to launch an exchange in September, two months before the FTX collapse. Paradigm, Sequoia Capital and Virtu Financial have also invested in the new venture.

“The dominance of bitcoin increases when investors feel unsure of the short-term market trend and adjust their position towards a less speculative portfolio, increasing their exposure to bitcoin, which is widely known to be the least volatile digital asset,” said Mateo Greco, an analyst at digital asset group Fineqia International.

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