The SEC has been blocking the development of ETFs for BTC
Bitcoin has soared above $31,000 as institutional investors began to focus on it following high-profile ETF filings and the launch of a new cryptocurrency exchange.
According to CoinGecko, the largest cryptocurrency by market capitalisation is trading at $31,195 at the time of writing. It is up more than 4% in 24 hours and more than 21% in the last seven days.
Bitcoin last broke $31,000 in May 2022. Earlier this year, the asset was trading at less than $17,000 per coin.
Last week, BlackRock, the world's largest asset manager, applied to the US Securities and Exchange Commission for a spot bitcoin ETF, but the regulator has yet to approve the application.
Earlier this week saw the launch of EDX Markets, a new digital asset exchange backed by major Wall Street players Fidelity, Charles Schwab and Citadel Securities.
The rally drove the rest of the cryptocurrency market higher: the second largest digital asset, Ether, gained 1.6 per cent in 24 hours, trading at $1,916.
Bitcoin derivative Bitcoin Cash was the best performing digital asset over the past day - up 32% in 24 hours and trading at $177; the cryptocurrency has risen by more than 60% over the past week.
Another winner is Pepe, a new 'meme coin' that has risen 80% in seven days and is currently trading at $0.00000172.
According to CoinGecko, the entire cryptocurrency market cap is now worth $1.24 trillion, up 3.1% in the last 24 hours.
Institutional investors were quick to pull cash out of the product as regulatory resistance kept large sums of money away from the asset class, but sentiment now appears to be changing.
According to CoinGecko, the largest cryptocurrency by market capitalisation is trading at $31,195 at the time of writing. It is up more than 4% in 24 hours and more than 21% in the last seven days.
Bitcoin last broke $31,000 in May 2022. Earlier this year, the asset was trading at less than $17,000 per coin.
Last week, BlackRock, the world's largest asset manager, applied to the US Securities and Exchange Commission for a spot bitcoin ETF, but the regulator has yet to approve the application.
Earlier this week saw the launch of EDX Markets, a new digital asset exchange backed by major Wall Street players Fidelity, Charles Schwab and Citadel Securities.
The rally drove the rest of the cryptocurrency market higher: the second largest digital asset, Ether, gained 1.6 per cent in 24 hours, trading at $1,916.
Bitcoin derivative Bitcoin Cash was the best performing digital asset over the past day - up 32% in 24 hours and trading at $177; the cryptocurrency has risen by more than 60% over the past week.
Another winner is Pepe, a new 'meme coin' that has risen 80% in seven days and is currently trading at $0.00000172.
According to CoinGecko, the entire cryptocurrency market cap is now worth $1.24 trillion, up 3.1% in the last 24 hours.
Institutional investors were quick to pull cash out of the product as regulatory resistance kept large sums of money away from the asset class, but sentiment now appears to be changing.