Bitcoin Surpasses $30,000 USD Mark Once Again, Driven by Wall Street Interest Amid Regulatory Actions

22.06.23 06:36 AM By Stormrake

In an exciting turn of events, Bitcoin, the world's leading cryptocurrency, has crossed the $30,000 USD threshold yet again. This milestone comes as Bitcoin has only experienced a daily open above $30,000 on a mere 510 occasions out of its entire existence of 5,285 days. This recent surge is believed to be attributed to the involvement of traditional financial players, who have seized the opportunity to secure positions at lower prices amidst regulatory actions taken against prominent cryptocurrency exchanges, such as Binance and Coinbase.

The information contained here is for general information only. It should not be taken as constituting financial advice. Stormrake is not a financial adviser. You should consider seeking independent financial advice prior to making any personal investments.

Blackrock ETF Leads Traditional Institutional Entry

The resurgence of Bitcoin beyond the $30,000 mark has caught the attention of cryptocurrency enthusiasts and investors alike. With just under 10% of its trading days surpassing this threshold, this recent milestone signifies a potentially bullish trend in the cryptocurrency market.

The doom and gloom of Bear markets often feels like Bitcoin is back at zero but zooming out on the price history shows perspective. While the all time high is around $69,000 USD a mark of 30,000 has been rarely achieved. This is all due to Bitcoins exponential growth pattern. A price of 30,000 effectively means that things are better than over 90% of Bitcoins history yet many casual observers continue to be negative thinking Bitcoins price is still low.

One significant factor contributing to this surge is the entry of Wall Street giants (Blackrock) into the cryptocurrency space. As regulatory scrutiny intensifies against major exchanges, such as Binance and Coinbase, institutional investors have identified a favourable opportunity to enter the market at lower prices. By capitalizing on the ongoing actions by the U.S. Securities and Exchange Commission (SEC), these financial powerhouses have strategically positioned themselves to take advantage of Bitcoin's price volatility. Blackrock ETF is not approved yet but the majority of punters out there expect this to happen.

Despite the recent market turbulence and uncertainty, Bitcoin has proven to be a resilient asset, bouncing back from previous dips and reclaiming higher price levels. This latest mark reinforces Bitcoin's reputation as a store of value and a potentially lucrative investment opportunity.

It is important to note that regulatory actions against Binance and Coinbase have played a significant role in reshaping the cryptocurrency landscape. The SEC's heightened scrutiny of these exchanges has signified regulators want to remove the crypto OG's before paving the way for traditional regulated firms to come in. If Binance and Coinbase fail that would make the top3 largest exchanges in the world disappearing (Including FTX's prior collapse).

While the precise impact of Wall Street's involvement on Bitcoin's price remains speculative, it is evident that their entry has injected renewed confidence into the market. As more traditional financial institutions embrace cryptocurrencies, Bitcoin's mainstream adoption continues to gain momentum, potentially paving the way for further price appreciation and market growth.

Conclusion

Bitcoin's resurgence above the $30,000 mark marks a significant milestone in its volatile history. With less than 10% of its trading days surpassing this level, this achievement demonstrates the growing interest and confidence in Bitcoin as a valuable investment

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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

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