Bitcoin hits $29k for first time since May, reason for price increase today?

Important points to remember:

  • Bitcoin briefly reached $29k on Wednesday after increasing by over 6% in the last 24 hours.

  • The surge in value is due to BlackRock applying for a Bitcoin ETF and Fidelity, Schwab, and Citadel supporting a crypto exchange.

Institutional interest increases Bitcoin’s value

Bitcoin has been performing well since the beginning of the week and has recently achieved a new milestone. The leading cryptocurrency reached $29k for the first time since May, after gaining more than 6% in value over the last 24 hours.

As of now, the price of Bitcoin is $28,834 per coin. A few hours ago, Bitcoin reached a daily high price of $29,110 before dropping back down to currently trade above $28,800 per coin.

The increase in value is due to an increase in institutional interest in the cryptocurrency market over the last few days.

Earlier this week, BlackRock, the world’s largest asset management firm with nearly $10 trillion in assets under management, applied with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF).

The SEC has previously rejected all spot Bitcoin ETF applications filed over the years. However, market participants are optimistic that the SEC could approve BlackRock’s application due to the company’s standing.

EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel, also went live a few hours ago.

The increase in interest in the cryptocurrency market by traditional financial institutions fueled Bitcoin’s surge over the last 24 hours.

Bitcoin Set to Reach $30k

If the current market momentum continues, Bitcoin could be looking to surpass the psychological mark of $30k in the near future. The technical indicators currently suggest that Bitcoin is bullish.

If the Bulls can maintain the current market sentiment, Bitcoin could rally towards the $30k mark in the next few hours.

The total cryptocurrency market cap surged past the $1.1 trillion mark a few hours ago, as Bitcoin and the other leading cryptocurrencies rallied.