Bitcoin’s Price Surges to $29,000 as BlackRock, WisdomTree, and Invesco File ETF Applications
The price of Bitcoin has skyrocketed to $29,000 following a series of exchange-traded fund (ETF) filings in the United States and growing institutional interest in cryptocurrency trading. According to CoinGecko data, Bitcoin reached $29,012.81 on Wednesday and is currently trading at around $28,980, marking a 7.5% increase for the day.
Riding an Institutional Wave
Bitcoin’s bullish momentum gained traction after BlackRock submitted an ETF application to the U.S. Securities and Exchange Commission on June 15 when the cryptocurrency was trading at approximately $25,300. Since then, Bitcoin has continued its upward trend, surging by 11.6% over the week and hitting the $29,000 milestone. This surge can largely be attributed to the wave of ETF applications and institutional support that followed BlackRock’s move.
Following BlackRock’s application, asset managers WisdomTree and Invesco also filed for spot Bitcoin ETFs this week. Additionally, the launch of EDX markets—a crypto exchange backed by Fidelity, Charles Schwab, and Citadel Securities—has further strengthened the bullish momentum. EDX currently supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The positive sentiment surrounding Bitcoin has also had a positive ripple effect on the prices of altcoins. Ethereum (ETH) has successfully reclaimed the $1,800 level, which it had previously lost after the U.S. Securities and Exchange Commission initiated lawsuits against Binance and Coinbase earlier this month.
Germany’s largest bank, Deutsche Bank, has also reportedly filed an application with the country’s financial regulator for a crypto custody platform license, adding to the overall positive sentiment in the market.
As a result of Bitcoin’s bullish momentum, the total market capitalization of all cryptocurrencies has increased by 6.2% in a single day, reaching $1.18 trillion.
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