What is the “term” Bitcoin?
The initial cryptocurrency created in a decentralized manner is Bitcoin. The absence of a controlling body means that Bitcoin operates without centralized direction. To create secure digital currency transactions, one can utilize blockchain technology. Bitcoin makes account information and transaction history public instead of depending on a bank's affirmation regarding funds availability to execute transfers. Verifying fund availability prior to making transactions is allowed for users.
BTC has gained almost nine percentage points which pushed its worth to $30k over the last days (with a brief climb to $31k yesterday), and it's an important milestone as it is the first time since April that the leading cryptocurrency finally broke this key psychological level.
A couple of big headline stories have caused BTC to rocket higher over the past day after multiple months of negative news coverage. A sizable number of top tier institutional investors seem to be amplifying their engagement with cryptocurrencies and there's also news about an upcoming crypto exchange that may help soothe regulatory worries.
Bitcoin's value in USD has been under $30K since the month of April with only one week of trading above this threshold, since November 2021 when it hit its all-time high of $64.4k Bitcoin has lost over half its value.
Here are some reasons why Bitcoin(BTC) is pumping.
1, Investors
Investors have been feeling increasingly positive about cryptocurrencies lately thanks in part to some exciting developments such as EDX markets launching a brand new type of crypto exchange just few days ago, which has attracted investment from some of the biggest names in traditional finance such as Citadel Securities, Fidelity Digital Investments, and Charles Schwab.
Crypto traders on EDX markets need not worry about the safety of their funds as it's a non-custodial exchange, and the purpose of this service is to make trading easier while enlisting the help of another company for managing custody. Some of the most recent regulatory challenges regarding cryptocurrency can be addressed using this process. To put it in another way, there's a necessity to keep separate the roles of Broker Dealers and exchanges.
Alongside the recent launch of EDX markets within the cryptocurrency industry, applications from two institutional investors are now on file as they seek approval for their own Bitcoin exchange traded funds.
2, Deutsche Bank
A filing for a crypto custody license was made by Deutsche Bank which is worth $1.4 trillion in Germany on Tuesday. Non crypto financial institutions and banks have shown interest in the remarkable growth experienced by the crypto market over recent years. This has caused digital assets to gain widespread adoption.
3, WisdomTree
WisdomTree, a New York based asset management firm, recently filed for a Bitcoin ETF. In a filing to the Securities and Exchange Commission on June 21st, wisdomTree asked the SEC for permission to list the wisdomTree Bitcoin trust under the ticker BTCW on the CBOE BZX exchange.
4, BlackRock
A US-based Bitcoin ETF has been filed by BlackRock last week, the world's largest investment firm will launch it if approved making history as America's first crypto spot ETF.
In conclusion
I maintain a strong conviction that Bitcoin's rapid ascent can be credited to all these good news reports that are circulating.