The price of the oldest and largest crypto asset by market value temporarily rose by around 8 percent to $30,045.13 via CoinMarketCap. Most recently, it cost more than $30,000 in April.
Other much-noticed cryptocurrencies such as Ethereum or Cardano also picked up significantly. The latest impetus for the industry has been news that key players from traditional finance are moving further into the cryptocurrency space. The Charles Schwab securities firm and a subsidiary of the fund company Fidelity, for example, founded a new exchange for digital currencies. In addition, the world’s largest asset manager BlackRock and exchange-traded fund (ETF) provider WisdomTree recently applied to launch Bitcoin ETFs in the US.
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“The discussions about the first launch of an ETF based on spot prices in the USA should keep investors on their toes in the coming days and weeks,” commented crypto expert Timo Emden. “For the industry, launching the first bitcoin spot ETF in the US would be an accolade.” Like traditional funds, ETFs are special funds that are specially protected in the event of the insolvency of a provider.
“In the meantime, more and more private investors are likely to have become aware of the recent rally,” commented Emden. Overall, however, investors remained torn between hopes that the climb would continue and fears that prices would collapse again. “No one wants to be caught on the wrong foot,” said Emden.
Bitcoin plummeted to $24,853 a week ago, its lowest level since March. Since then, the price has recovered by a good $4,000.
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