Bitcoin hits $30K as traditional finance enters crypto.
Bitcoin has broken $30,000 for the second time this year amid optimistic sentiment in the market, following the entry of a number of traditional finance (TradFi) players into the crypto space.
Over the past 24 hours, the cryptocurrency has gained more than 10%. According to TradingView data, the last time that bitcoin exceeded $30,000 was in April of 2023.
The digital currency’s rally coincides with the filings of spot bitcoin ETF applications by several TradFi giants, including BlackRock, Invesco, and WisdomTree. On Tuesday, EDX crypto exchange also launched, backed by significant TradFi players such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities. The exchange will offer four tokens in the United States, including bitcoin, ether, bitcoin cash, and litecoin. Following this news, bitcoin cash (BHC) has also rallied, gaining 25% on the day.
Additionally, banking giant Deutsche Bank announced on Tuesday that it had applied for a digital asset custody license in Germany. Despite a regulatory crackdown by the U.S. Securities and Exchange Commission (SEC) against crypto exchanges, TradFi players do not appear to be discouraged.
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CORRECTION (June 21, 15:40 UTC): Corrects headline, story to say bitcoin hit $30k level second time this year.
Edited by James Rubin.
