Yesterday we wrote that the bitcoin price suddenly rose sharply after a brand new crypto exchange was launched with the support of various financial institutions. The news followed more positive coverage this week from the traditional financial world. Today, bitcoin’s rise has continued to its highest point in a few months, and many other cryptos have also risen sharply.
Crypto is getting support from the traditional corner
The exchange in question is called EDX Markets and is backed by big names such as Charles Schwab, Citadel, Fidelity and Sequoia. The news of the launch comes after Blackrock, the largest asset manager in the world, filed for a bitcoin ETF and Deutsche Bank a license for a crypto service.
This creates enthusiasm in the market because these parties can bring a lot of new money to crypto from the institutional angle. It is striking that these developments follow shortly after the Securities and Exchange Commission (SEC), the American financial watchdog, just stepped up its attack on the crypto industry again.
Bitcoin, cardano, bitcoin cash and pepe are rising fast
Bitcoin (BTC) broke through $30,000 today for the first time since April. The BTC price even peaked at $30,800, but dips just below $30,000 at the time of writing. Despite this, the mother of all cryptocurrencies has experienced a 10% increase today.
Although bitcoin takes the lead in the crypto market, all the prices from the top 100 largest cryptocurrencies are in the green. The total market value again exceeds $1.2 trillion for the first time since the end of May. Among the altcoins we find even more notable risers today. For example, today cardano (ADA), which recently took a hard hit, rose 9% to USD 0.288.
Even harder, bitcoin cash (BCH) has risen; more than 27% was added after yesterday. The coin is now at about $135. The market value of BCH has spontaneously jumped from just over $2 billion to over $2.6 billion.
A coin that might surprise you even more is pepe (PEPE). Despite this new memecoin has already fallen more than 70% since the beginning of May, we saw a huge increase of about 47% to $0.0000013 since yesterday.