Bitcoin and cryptos got some love this week from a few of the financial world's biggest players, giving digital assets fresh tailwinds even amid a tougher regulatory overhang.
this week, topping the $31,000 level on Friday, the highest since June 2022, as fears about recent regulatory headwinds were replaced by interest from big financial players. The at $31,341.19 price touched is a new 52-week high.
"News of a new exchange backed by Fidelity and [Charles] Schwab and applications for spot Bitcoin ETFs submitted by both BlackRock and Wisdom Tree. The Bitcoin faithful have long argued that the more traditional financial names increase their exposure to digital assets the more entrenched they become and the broader their acceptance" said Jim Iuorio of TJM Institutional said on CME Active Trader.
Along with Schwab and Fidelity, EDX Markets, the first-of-its-kind digital asset marketplace, is also backed by Citadel Securities, Sequoia Capital and Virtu Financial. It launched on June 20. Earlier this month, the Securities and Exchange Commission charged Coinbase for allegedly operating as an unregistered exchange and lodged similar allegations against Binance. Bitcoin rose for eight of 9 straight days through Friday, adding nearly 20% for the week. The crypto has advanced over 80% this year but is still down over 55% from its all-time high of $67,802, as tracked by Dow Jones Market Data Group. Bitcoin-related ETFs were also active.
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