BTC Price Rallies as TradFi Players Jump Into Crypto

Bitcoin, the world’s largest cryptocurrency by market value, rallied over the past 24 hours after various traditional finance firms announced moves into the crypto market, indicating bullish sentiment. Bitcoin jumped 8% on the day, pushing it to $28,800, after trading flat for the last few days at around $26,800. Altcoins also surged, with bitcoin cash (BCH) rallying over 20% in the same time period. Banking giant Deutsche Bank announced Tuesday that it had applied for a digital asset custody license in Germany and crypto exchange EDX Markets (which is backed by the likes of Citadel Securities and Fidelity,) started offering trading for BTC, ether (ETH), litecoin and bitcoin cash. Just last week, BlackRock filed for a spot BTC exchange-traded fund (ETF) too. “This move towards crypto by major financial institutions reflects a significant shift in their stance on the industry’s potential, especially given the timing,” Mark L. Newton, head of technical strategy at FundStrat, said in a note.