Bitcoin rises to $29,000
The main crypto coin has entered a phase of long-awaited growth. From June 15 to June 21, the price of bitcoin increased by 17%, returning to the levels of the first days of May this year. The positive dynamics of the BTC exchange rate supported the growth of other digital currencies. The value of Ethereum increased by more than 12% over the same period.
The growth of the bitcoin rate occurred against the backdrop of several optimistic news about the cryptocurrency industry at once. For example, BlackRock has filed an application to launch a Bitcoin spot trust, which should make it easier for large investors to access the digital asset market.
Another positive newsbreak was the collaboration between Citadel and Fidelity. Financial companies have launched a decentralized crypto exchange EDX Markets.
Also, the largest investment company Invesco, which manages $1.4 trillion in assets, has applied to create a bitcoin ETF. About 2 years ago, the company was unable to get approval to launch a similar tool.
Analyst Michael van de Popp opined that the current state of the market makes it impossible to realize the pessimistic forecasts regarding Bitcoin, although some market participants expect BTC to fall to $12,000. According to Popp, investors now need to fill their pockets in anticipation of further growth.
An optimistic view of the prospects for bitcoin is also shared by the Nebraskangooner trader. He pointed to market signals that indicate the possibility of further growth of the crypto coin.
However, some of the crypto market players allow bitcoin to correct after the realized growth. For example, the bitcoin forecast from trader Ninjascalp does not rule out a drop in the price of BTC to $26,700 by the end of the month. Now the coin is worth about $29,000.
And one of the top managers of Fidelity Investments, Yurrien Timmer, announced the likelihood of a bull run on the stock market against the backdrop of the likely end of the Fed’s rate hike period. This means that the positive dynamics of the stock market will contribute to the growth of cryptocurrency rates.
