Bitcoin at the critical threshold

Leading crypto asset Bitcoin saw over $28,900 with an 8 percent daily value gain.

The fact that asset management company BlackRock applied for a Bitcoin exchange-traded fund (ETF) in the US was effective in the Bitcoin-led rise of cryptocurrencies.

Bitcoin has reached the peak of the last 1.5 months with today’s rise. Investors began to watch whether the psychological threshold of $30,000 could be broken.

WHY DID BITCOIN RISE?

Bitcoin had retreated to the $24,000 level in the previous week, with the withdrawals triggered by investigations opened by the regulatory agency SEC into US cryptocurrency exchanges and the Fed’s decision.

Today, the implementation of the Bitcoin exchange-traded fund (ETF) by BlackRock, the world’s largest asset management company, and Fidelity, another fund management giant, rocked the market.

Bitcoin supporters have been waiting for the approval of the Bitcoin ETF in the US market for a long time. However, the SEC has so far rejected more than 30 applications for spot ETFs, citing market immaturity and risks to investors.

The app from BlackRock, the world’s largest fund management company, has raved about investors. Investors’ belief that a wave of ETF applications could begin and that Blackrock was unlikely to be rejected led to positive market sentiment.

THE LATEST SITUATION IN THE CRYPTO MARKET

With these developments, ‘Bitcoin dominance’, which is the ratio of the market value of Bitcoin to the total crypto money market, surpassed 50 percent for the first time in 2 years.

As of the afternoon, Bitcoin was up 8% at $28,900. Ethereum was up 5% at $1813.

Ripple was up 2% at $0.495, Cardano (ADA) was up 8% at $0.275, Dogecoin was up 3.6% at $0.06 and Solana (SOL) was up 5.6% at $16.79 on the daily.