What the numbers say: Bitcoin (BTC), the largest cryptocurrency by market cap, has come close to passing the $31,000 mark again, reaching $30,834. The popular token jumped to this level from $30,196 seen the previous day. Ether (ETH), the second-largest cryptocurrency, also experienced a similar surge, surpassing the $1,900 level. Relevance: The jump in Bitcoin's price followed the claims that $4.2T asset manager Fidelity is preparing to submit an application for a spot Bitcoin exchange-traded fund (ETF). The move would see the asset management giant join other multi-billion dollar asset managers, including BlackRock, WisdomTree, and Invesco. Earlier in June, the trio consecutively filed a similar application, causing Bitcoin to hit a one-year high. The investment firm Valkyrie also recently jumped on the bandwagon. Brands that should care: Over the last few months, several other leading figures from traditional finance (TradFi), including the largest German bank Deutsche Bank, the French asset manager CACEIS, the U.S.' oldest bank BNY Mellon, and the stock exchange giant Nasdaq, also demonstrated their intention to have a presence in the crypto industry. |
