Bitcoin (BTC) witnessed a remarkable surge over the last 24 hours, leading to a staggering increase of $40 billion in its market capitalization. Notably, the flagship cryptocurrency briefly surpassed the $29,000 mark before experiencing a minor retracement.
As a result, crypto traders and investors are closely monitoring the situation with anticipation, eagerly awaiting to see if BTC can regain a firm foothold above the crucial $30,000 level. During this period, Bitcoin’s market capitalization soared from $519 billion on June 20 to $560 billion on June 21, contributing an impressive $41 billion to its overall market worth.
Currently, Bitcoin is trading at $28,827, exhibiting a 7.76% increase in the past 24 hours and an impressive 11.22% increase over the previous week.
Analyzing the situation, market intelligence platform IntoTheBlock noted:
“Currently, all eyes are on the $30k mark. Relatively few holders historically acquired at these prices, which means less potential resistance.”
Why Bitcoin is surging
Bitcoin has been exhibiting exceptional performance within the cryptocurrency market since the previous week when BlackRock (NYSE: BLK) made a significant move by filing with the United States Securities and Exchange Commission (SEC) to introduce a BTC Spot Exchange-Traded Fund (ETF).
This pivotal announcement caused the primary digital asset to ascend from approximately $25,000 to nearly $26,500 in a short period. The introduction of BlackRock’s spot Bitcoin ETF has rejuvenated optimism and ignited a flurry of new filings.
Invesco has reapplied for a Bitcoin ETF and actively advocates for the creation of more investment products related to cryptocurrencies. Notably, WisdomTree, a prominent asset management fund headquartered in New York, has joined the ranks of investment firms seeking to introduce a spot Bitcoin ETF.
As per a filing made on June 21 to the SEC, WisdomTree has formally requested permission from the SEC to list its proposed “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange, utilizing the ticker symbol “BTCW.”
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