Wall Street pushes Bitcoin above $30k as summer starts

For all those who thought that the lawsuits from the US stock market watchdog SEC would mean an end to Bitcoin’s growth, we can only say: think Again. I remember seeing a warning last week from PlanB, the anonymous Dutch quant who has been a fan of crypto’s largest coin for years, claiming Blackrock was secretly buying Bitcoin at $25k for months. By now I admit he could have been right all along.

Congratulations to all #Bitcoin    sellers for the last two months: you have been selling to BlackRock, frontloading their ETF🥳 pic.twitter.com/3jUQl9GZoP

— PlanB (@100trillionUSD) June 16, 2023

Summer

Just as summer officially starts, Bitcoin also seems to have found its second wind. The positive suddenly seems available in abundance.

Yesterday, out of nowhere, a new crypto exchange (called EDX) went live, which was backed by banking giants such as Charles Schwab, Citadel Securities and Fidelity. The launch of EDX, which allows trading in Bitcoin, Ether, Litecoin and Bitcoin Cash, came just days after Blackrock, the world’s largest investment fund, admitted to licensing a Bitcoin ETF (exchange trade fund).

BlackRock applies for a Spot ETF.

Fidelity, Citadel & Schwab launch a #Crypto exchange.

Invesco & WisdomTree both apply for a #Bitcoin ETF.

Just a few weeks after the SEC sues #Binance and Coinbase.

The big players are jumping in, so should you.

— Michaël van de Poppe (@CryptoMichNL) June 21, 2023

All that news pushed Bitcoin above $30k again. At the time of writing, the largest crypto coin is trading at $30,200.

ANALYSIS: Bitcoin surpasses 50% of the crypto market, signalling pre-halving bull market potential, according to TradingView data. pic.twitter.com/qoB1V8UHG8

— Coingraph | News (@CoingraphNews) June 20, 2023

Dutch analyst Michael Van de Poppe repeated PlanB’s statement and claimed that the big boys of Wall Street just bought more Bitcoin in the past year while prices were low. According to him, the reason that all the news is now coming out at once is simply linked to the fact that Wall Street firms have been able to buy their Bitcoins at a lower price and now wants to stimulate demand.

Other commentators on social media say that the bull market that usually precedes the Bitcoin halving (of 2024 this time) has now really kicked off.

Could just be the start of a very nice summer.