It’ll be a cold day in hell when Bitcoin price remains stable. The popular cryptocurrency staggered defiantly in the face of certainty leading a rally of the top 10 non-stablecoin cryptocurrencies except XRP. The price of Bitcoin surged over 5% in Wednesday morning trading in Asia to surpass $28,000 USD resistance level. This shift comes amid several concerning developments and updates in the crypto industry, impacting Bitcoin’s price among several other top cryptocurrencies in the market today.
Over the past 24 hours, Bitcoin has seen a huge jump in its price, pushing defiantly above its previously traded $28,000 mark since May 28. This Bitcoin surge has brought the asset to rise to nearly 10% and the global cryptocurrency market value to 9.5% in the past day.
In the past 24 hours, Bitcoin had the most liquidations among all cryptocurrencies in the past 24 hours, totaling $51.19 million. The largest single liquidation order was a BTC-USD trade on Binance valued at $4.67 million.
The latest Bitcoin price surge can be attributed to BlackRock, the world’s largest asset manager. Last week, the company filed for a spot Bitcoin Exchange Traded Fund (ETF). Ironically, the filing helped Bitcoin earn its title as a stable cryptocurrency from one of instability and uncertainty.
Bitcoin’s Rising Momentum
Bitcoin’s upswing follows a boost in institutional interest from major players in the Wall Street. Many companies, apart from BlackRock, have attempted to secure the SEC’s approval for a spot Bitcoin ETF, but so far, none have succeeded.
Bitcoin’s upswing can be attributed to a notable rise in institutional interest among influential Wall Street players. Multiple companies, not limited to BlackRock, have made concerted efforts to secure the SEC’s approval for a spot Bitcoin ETF. Unfortunately, all attempts thus far have fallen short of success.
The market has also renewed interest in the arrival of EDX Markets, an institution crypto exchanged backed by Fidelity, Citadel Securities, and Charles Schwab. EDX Markets launched on June 20, 2023, the same day Bitcoin reached $28,000 USD.
Bitcoin’s price surge is a stark contrast to the struggling performance of the broader cryptocurrency market. This divergence in fortunes comes in the aftermath of the SEC’s lawsuits against major players like Binance and Coinbase. The SEC’s historic lawsuits show that several popular cryptocurrency tokens, according to their assessment, qualify as unregistered securities.
Gary Gensler, the Chair of the SEC, has emerged as a prominent figure advocating for regulatory measures against crypto firms deemed to be operating outside of the U.S. law. Gensler has gone on record stating that every cryptocurrency, with the sole exception of Bitcoin, should be considered a security under U.S. regulations. Gensler’s stance remains ambiguous and subject to interpretation when it comes to Ethereum, one of the largest cryptocurrencies in the market today.
