While much of the crypto market is struggling amid a series of regulatory setbacks, Bitcoin has remained resilient.
Today, the leading cryptocurrency in the market broke $28,000 for the first time since May 28 in a resurgence that has seen Bitcoin’s dominance of the overall cryptocurrency market cap rise to 49%. At the time of writing, Bitcoin was trading at $27,962.61 and was up nearly 5%.
In the past 24 hours, Bitcoin saw its highest value liquidations across all cryptocurrencies, totaling $51.19 million, with the largest liquidation order being a BTC-USDT transaction on Binance worth $4.67 million, according to CoinGlass data.
Gain Momentum
Bitcoin’s upward momentum follows an increase in institutional interest from major players. Last week, BlackRock, the world’s largest asset manager, filed its application for a spot Bitcoin ETF with the SEC. Many firms have tried to get SEC approval for a spot Bitcoin ETF, but none have succeeded so far.
The market has also taken the arrival of EDX Markets, an institutional crypto exchange backed by Fidelity, Charles Schwab and Citadel, as a positive sign. EDX Markets launched on June 20, 2023, the same day Bitcoin reclaimed $28,000.
Bitcoin’s rise stands in stark contrast to the performance of the rest of the cryptocurrency market, which has been floundering in recent weeks in the wake of the SEC’s landmark lawsuits against Binance and Coinbase alleging that several mainstream cryptocurrency tokens in its opinion were not registered. effects.
Gary Gensler, the chairman of the SEC, has said he wants to take action against crypto companies that he believes are operating outside the US law. Gensler has stated that any cryptocurrency, with the exception of Bitcoin, qualifies as a security under US law. However, his stance on Ethereum remains ambiguous.
Post Bitcoin back above $28k; controls 49% of the market share as the battle with altcoins first appeared on CryptoSlate.