Bitcoin has surged to a new milestone, breaking the $30,000 mark for the second time this year. The cryptocurrency has gained more than 10% in the past 24 hours, according to TradingView data, and the last time it reached above $30,000 was in April of 2021.
The surge in bitcoin’s price is being attributed to the increasing involvement of traditional finance (TradFi) players in the crypto market. It seems that the crypto market is going to be completely restructured in the country by the biggest investment firms in the near future, said Ruslan Lienkha, chief of markets at Web3 crypto and fiat service provider YouHodler. More investors will have access to crypto investments with much lower risks.
The bullish sentiment has been further bolstered by the filing of spot bitcoin ETF applications by several TradFi giants, including BlackRock, Invesco, and WisdomTree. Additionally, EDX crypto exchange, which is backed by major TradFi players such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities, launched on Tuesday. The exchange will offer four tokens in the U.S., including bitcoin, ether, bitcoin cash, and litecoin.
Deutsche Bank also announced Tuesday that it had applied for a digital asset custody license in Germany, and bitcoin cash (BCH) has gained 25% on the day.
Despite a regulatory crackdown from the U.S. Securities and Exchange Commission (SEC) against crypto exchanges, TradFi players appear to be undeterred.