During the period from Friday evening to early Saturday morning Beijing time, Bitcoin, a highly spirited alternative asset in recent days, continued to soar, once reaching the $31000 mark and setting a new high for the asset within the year.(Bitcoin daily chart, source: TradeView)In fact, Friday's rise did not have any particularly solid positive news
During the period from Friday evening to early Saturday morning Beijing time, Bitcoin, a highly spirited alternative asset in recent days, continued to soar, once reaching the $31000 mark and setting a new high for the asset within the year.
(Bitcoin daily chart, source: TradeView)
In fact, Friday's rise did not have any particularly solid positive news. To put it bluntly, the US Supreme Court ruled in favor of Cryptocurrency exchange Coinbase in a lawsuit on Friday. It should be emphasized that this case has nothing to do with Cryptocurrency, and its significance is only that the "currency circle company" won the lawsuit in the US High Court for the first time.
In the previous report on Thursday, some recent new trends in the Cryptocurrency industry have also been mentioned, especially the entry of traditional financial institutions into this field, which has brought new hope to the currency circle that has been "thundering" all year.
After BlackRock, the world's largest asset management company, submitted the application for Bitcoin spot ETF, Kingsoft and WisdomTree also submitted the same application this week;
Cryptocurrency exchange EDXMarkets, backed by well-known financial institutions such as Fidelity, Schwab Financial, Castle Securities, officially announced the launch of US trading business;
Deutsche Bank also announced on Tuesday its application for a digital asset custody license from German regulators;
Coin Security, which has been repeatedly hit by regulatory measures in Europe and America recently, has also launched a regulated digital asset platform in Kazakhstan; JPMorgan Chase has introduced blockchain technology into the traditional banking industry, introducing the Euro denominated "JPMCoin" payment method for corporate customers.
For this round of rise, StrahinjaSavic, the head of data and analysis at FRNT, believes that from the perspective of Bitcoin enthusiasts, real-life issues such as inflation, poor currency management, banking crises, sovereign debt anxiety, and the reserve status of the US dollar are all reinforcing their reasons for purchasing such assets.
It is worth emphasizing that although a series of recent news has sparked speculation, the troubles facing the entire industry have not disappeared. After the downfall of well-known institutions in the currency industry such as FTX and the exposure of extremely poor internal governance issues, the US SEC is investing a large amount of law enforcement resources into this brutally growing industry.
More importantly, there has been speculation about Bitcoin spot ETFs in the past, but the US SEC has not approved such products.
Michael O'Rourke, chief market strategy analyst of Jones Trading, said: "People speculate that BlackRock will use their influence in the financial market to help get the approval, but I haven't fully accepted this assumption. The US SEC has been actively attacking Cryptocurrency, and it may be a little early for a change to occur now."
This article originates from Cailian News Agency
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