The world’s largest cryptocurrency Bitcoin (BTC) continues with its uptrend this week shooting past $30,000 levels. As of press time, Bitcoin is trading 5.47% up at a price of $30,293 and a market cap of $588 billion.
As we know, the recent price rally in Bitcoin comes amid the flood of spot Bitcoin ETF applications making their way to the SEC. BlackRock triggered the trend once again with its filing and the Bitcoin valuation has grown by $100 billion since then. Since BlackRock filed for Bitcoin ETF, the BTC price has surged by more than 21% since then.
Bitcoin’s rally has outstripped all other altcoins with its market dominance now at 50%. In a departure from previous trends, Bitcoin’s performance has diverged from stocks, resulting in a negative correlation with the Nasdaq 100. This marks the first time such a negative correlation has been observed since 2021.
Over the last three months since the beginning of April, BTC whales have been accumulating heavily. Massive whale transactions took place as the Bitcoin price shot past $30,000. On-chain data provider Santiment reports:
259 transactions exceeding $1M in value occurred on the $BTC network just 2 hours after its price exceeded $30.6k. Volume likely needs to continue rising to justify more growth.
Apart from institutional participation, Crypto sentiment received a positive boost this week with the launch of a new digital-asset exchange called EDX Markets. This exchange has gained support from notable firms like Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.
However, prior to this optimistic development, the market was affected by a crackdown by the Securities and Exchange Commission (SEC), which led to decreased sentiment and liquidity in the crypto markets. The SEC has filed lawsuits against Binance Holdings Ltd. and Coinbase Global Inc., and as a result, several digital tokens have been classified as unregistered securities. Some of the other hurdles ahead of us could be indication of a tighter monetary policy.
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