• Bitcoin (BTC) recorded another high for the year 2023 on Thursday, reaching a value of $31k.
• The surge is attributed to increased institutional interest in the crypto market such as Bitcoin ETFs being filed by firms like BlackRock, Fidelity Investment and Valkyrie Investment.
• The market also gained confidence from BlackRock CEO Larry Fink stating that bitcoin is digitizing gold.
Bitcoin’s Price Surges To New High
The Bitcoin (BTC) market enjoyed a relatively mild rally that saw its value rise to a new high for 2023 on Thursday. During the early New York trading session on Thursday, Bitcoin price traded above $31k and made some advancement towards $31.4k before retracing $30.7k. According to the latest market data provided by Binance-backed Coinmarketcap, Bitcoin’s daily traded volume was up approximately 36 percent to about $16.9 billion. Today’s Bitcoin pump saw its market dominance rally beyond 51 percent.
Why Did The Price Increase?
It is safe to say that Bitcoin is largely controlled by crypto whales who are mostly long-term holders. The recent Bitcoin ETF frenzy was rejuvenated after BlackRock reapplied its application through Nasdaq including Coinbase via a surveillance sharing agreement (SSA). Notably, Fidelity Investment has since reapplied for its Bitcoin ETF with the SEC in a bid to expose its institutional clients to the crypto market. On Wednesday, another investment firm dubbed Valkyrie Investment reapplied for a Bitcoin ETF as well. Additionally, the Bitcoin market also got a huge boost of confidence after BlackRock CEO Larry Fink said in a televised interview that „Bitcoin is digitizing gold“.
Blackrock’s Contribution To The Market
BlackRock had previously applied for their own Bitcoin ETF but withdrew it due to security concerns over potential manipulation of prices and liquidity issues associated with cryptocurrency markets at large exchanges like Coinbase they have an agreement with now which allows them access to real-time pricing data which alleviates these aforementioned concerns they had previously raised when making their initial filing application back in February 2021 as well as providing an additional layer of security and trustworthiness within their product offerings allowing investors more comfortability investing into the asset class itself
Fidelity And Valkyrie Investments Applying For A BTC ETF
Fidelity Investments has since re-filed their own application for a Bitcoin exchange-traded fund (ETF), while Valkyrie Investments have also done similarly by submitting theirs 19b-4 application once again mentioning specific SSA agreements with Coinbase which will allow them access to real-time pricing data concerning bitcoin along with other features aiding them in providing better products and services for interested investors within this recently emerging asset class .
Conclusion
The recent surge in institutional interest surrounding cryptocurrencies such as bitcoin have been nothing short of phenomenal demonstrating how quickly this sector can grow and evolve given enough time and resources available at hand with companies like BlackRock, Fidelity investments & Valkyrie investments all applying for their own various types of cryptocurrency related products underlining just how much potential growth lies ahead within this new industry