The cryptocurrency market gained about $60bn (£46.9bn) in the past 24 hours as the price of bitcoin surpassed $30,000 for the first time in two months, following a flurry of interest from asset managers.
The cryptocurrency market capitalisation has recovered to $1.22tn from a recent low of $1.06 trillion on June 13 after the Securities Exchange Commission (SEC) charged two of the largest crypto exchanges, Binance and Coinbase, for the sale of unregistered securities, earlier in the month.
Read more: Bitcoin and ether dip following SEC and Binance.US’s temporary deal
Bitcoin (BTC-USD) rose by 4% in the past 24 hours to $30,059, and ethereum (ETH-USD) stood at £1,907, up 5.2% in the past 24 hours.
Bitcoin and ethereum continue to dominate the crypto-market, collectively accounting for 66.5% of its total value.
The hike in value comes after institutional players such, including BlackRock (BLK), Invesco and Wisdom Tree have filed for spot Bitcoin EFTs, seeking permission with the SEC to offer exchange-traded funds tagged to the value of the original digital asset.
BlackRock’s application to launch the iShares Bitcoin Trust landed with US regulators last week.
WisdomTree Investments, a prominent asset manager has re-filed an application after their previous ETF application got rejected in 2021.
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Invesco, a global asset management firm with $1.5tn in assets has reactivated its filing and requested a rule change to list and trade shares of the Invesco Galaxy Bitcoin ETF on the Cboe BZX Exchange.
Bitwise, a crypto index fund manager has refiled its proposal for a Bitcoin spot ETF and requested to approve, reject, or initiate other proceedings within 45 to 90 days.
Valkyrie Digital Assets has also refiled its application for the Valkyrie Bitcoin Fund with the US SEC. The updated filing includes changes such as proposing a listing on Nasdaq (^IXIC) instead of the NYSE (^NY).
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