On Wednesday, Bitcoin rallied above $30,000 after news emerged that several prominent companies in the United States had submitted Exchange-Traded Fund (ETF) applications to the country’s Securities and Exchange Commission (SEC).
Coingecko data shows that BTC is currently trading at $30,167 after rising by more than 8.5% in the last 24 hours. It’s not just Bitcoin that has witnessed a good run today. Most of the leading crypto assets by market capitalization are in the green. Ethereum is up $5.52% to $1,870; BNB has seen a 3.16% growth to trade at $249.41; Cardano is priced at $0.283 following a 6.50% surge; Dogecoin is up 5.23% to $0.0657; and Solana trades at $16.97 after rallying 4.13%.
The total market capitalization has also surged massively. It has grown 6.16% to $1.182 trillion.
What’s Fueling the Rally?
The latest rally results from institutional investors’ renewed interest in crypto. Just yesterday, a new crypto exchange supported by Charles Schwab, Citadel Securities, and Fidelity launched. Known as EDX Markets, the exchange’s CEO, Jamil Nazarali, says the company aims to partner with more traditional financial institutions to bring significant capital into the crypto market.
As of this writing, EDX Markets supports the trading of four cryptocurrencies, including Bitcoin, Litecoin, Bitcoin Cash, and Ethereum.
At the start of this week, CoinShares, a digital asset manager, reported that the current positive sentiment from institutional investors is fueled by Blackrock’s application for a Bitcoin Exchange-Traded Fund. The world’s largest asset management company filed the application with the SEC at the end of last week.
The SEC, which is headed by crypto critic Chair Gary Gensler, has in the past denied similar applications, including one from crypto exchange Gemini. However, crypto fans are optimistic that the agency will consider BlackRock due to its reputation and healthy relationship with the SEC.
Who Else Has Submitted a Bitcoin ETF Application?
It is worth highlighting that BlackRock is not the only asset manager to have applied for a Bitcoin ETF. Its rivals, Invesco and WisdomTree, have followed suit. Crypto users will be watching closely over the next few weeks to see which applications, if not all, will be approved by the SEC.
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