Wall Street pushes Bitcoin above $30k as summer starts

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Last Updated on 6 November 2023 by CryptoTips.eu

For all those who thought that the lawsuits from the US stock market watchdog SEC would mean an end to Bitcoin’s growth, we can only say: think Again. I remember seeing a warning last week from PlanB, the anonymous Dutch quant who has been a fan of crypto’s largest coin for years, claiming Blackrock was secretly buying Bitcoin at $25k for months. By now I admit he could have been right all along.

Advertentie.

Summer

Just as summer officially starts, Bitcoin also seems to have found its second wind. The positive suddenly seems available in abundance.

Yesterday, out of nowhere, a new crypto exchange (called EDX) went live, which was backed by banking giants such as Charles Schwab, Citadel Securities and Fidelity. The launch of EDX, which allows trading in Bitcoin, Ether, Litecoin and Bitcoin Cash, came just days after Blackrock, the world’s largest investment fund, admitted to licensing a Bitcoin ETF (exchange trade fund).

All that news pushed Bitcoin above $30k again. At the time of writing, the largest crypto coin is trading at $30,200.

Dutch analyst Michael Van de Poppe repeated PlanB’s statement and claimed that the big boys of Wall Street just bought more Bitcoin in the past year while prices were low. According to him, the reason that all the news is now coming out at once is simply linked to the fact that Wall Street firms have been able to buy their Bitcoins at a lower price and now wants to stimulate demand.

Other commentators on social media say that the bull market that usually precedes the Bitcoin halving (of 2024 this time) has now really kicked off.

Could just be the start of a very nice summer.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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