The cryptocurrency market is experiencing a remarkable boom, leaving investors and enthusiasts wondering how high prices can climb. In the past 24 hours, Bitcoin’s price has surged by over 7%, leading to approximately $130 million in short liquidations across crypto-tracked futures, according to CoinGlass.
This upward movement in Bitcoin (BTC) has had a domino effect on other major cryptocurrencies like Cardano (ADA), Litecoin (LTC), and Ether (ETH), which saw gains of up to 5%, marking one of the most significant single-day increases this month.
The collective cryptocurrency market capitalization has also surged by 5.7% in the past 24 hours, adding almost $50 billion in value. Currently, the total market capitalization stands at a staggering $1.13 trillion.
Notably, this impressive market performance is occurring against a backdrop of regulatory uncertainty in the United States. The Securities and Exchange Commission (SEC) recently filed lawsuits against two of the world’s leading cryptocurrency exchanges, Binance and Coinbase, alleging violations of securities laws.
So, what is driving the surge in the cryptocurrency market?
Several factors may be contributing to this bullish trend. Firstly, investor excitement surged as BlackRock applied for spot Bitcoin exchange-traded funds (ETFs), fueling hopes of a Bitcoin (BTC) price recovery. Bitcoin has been in positive territory since June 20, reaching a 14-day high of $29,000.
The filing of a similar ETF application by WisdomTree has further boosted market sentiment. WisdomTree describes its proposed investment vehicle, WisdomTree Bitcoin Trust, as an ETF listed on the Cboe BZX exchange under the ticker label BTCW. If approved, these ETFs would offer institutional investors exposure to Bitcoin’s value without the need to directly invest in the cryptocurrency itself.
87 billion dollar big Wisdom Tree is filing for a Bitcoin ETF!
Someone knows something we don’t.
4 massive assets managers apply for BTC ETFs in a week.
Wall Street has played the crypto market hard.
— Lark Davis (@TheCryptoLark) June 21, 2023
Meanwhile, global asset management firm Invesco has reactivated its spot Bitcoin ETF filing. By submitting Form 19b-4 to the SEC, Invesco aims to provide investors with indirect exposure to Bitcoin (BTC) while ensuring important protections against insolvency, cyber-attacks, and other risks.
These recent flurries of Bitcoin ETF filings have reignited interest in the crypto market. These applications are seen as potential catalysts for widespread adoption and approval of Bitcoin ETFs, but the final decision rests with the SEC.
In a parallel development, FIFA, the international governing body of soccer, has demonstrated its growing interest in the metaverse by submitting trademark applications as part of its “WE ARE” initiative. These trademarks cover various categories, indicating FIFA’s intent to explore virtual reality (VR) applications in gaming, fashion, entertainment, and more.
#FIFA has filed 9 more Metaverse trademark applications as part of its “WE ARE” campaign. The filings claim plans for:
— Mike Kondoudis (@KondoudisLaw) June 20, 2023
Can Crypto Prices Go Higher?
While the cryptocurrency market is currently experiencing a surge, the question remains: how high can cryptocurrency prices climb this time around?
This might just be the beginning of a much larger and more significant rally. As more institutional investors and mainstream financial institutions enter the market, the demand for cryptocurrencies will skyrocket. The potential approval of Bitcoin exchange-traded funds (ETFs) as a catalyst for mass adoption would provide easier access for traditional investors.