Bitcoin price managed to rise above $30,000 again; Even crackdowns by the SEC have failed to stop the Bitcoin price. It showed a bullish trend in the market by exceeding $30,000 again. Bitcoin gained more than 10% on a daily basis. The last time Bitcoin rose above $30,000 was in April 2023.
The Bitcoin rally comes after several traditional finance (TradFi) giants such as BlackRock, Invesco and WisdomTree filed for spot bitcoin ETFs. EDX crypto exchange, which is also backed by major TradFi players, also went live on Tuesday. The exchange, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, will offer four tokens in the US: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Bitcoin Cash (BCH) gained 25% in value after this news.
Other developments include banking giant Deutsche Bank announcing on Tuesday that it has applied for a digital asset custody license in Germany. TradFi players appear to be unimpressed by the U.S. Securities and Exchange Commission’s (SEC) regulatory crackdown on crypto exchanges.
SEC’s pressure failed to prevent Bitcoin
At the beginning of June, the cryptocurrency market experienced sharp price declines after the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance exchange and Coinbase exchange and evaluated a number of cryptocurrencies as securities.
During the SEC’s crackdown, BTC price dropped to $24,777 on June 15. Bitcoin then began an upward move, rising more than 20% from June 15 to date to $30,018.
The fact that the SEC did not directly target Bitcoin attracted the attention of players in the market and was interpreted positively. With the application of ETFs by financial giants, the cryptocurrency market managed to revive.
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