Bitcoin showcased an impressive surge, surpassing the key resistance level of $28,000, as institutional backing and notable developments in the non-fungible token (NFT) market sparked excitement. In this article, we’ll explore how Bitcoin’s rally, the launch of EDX Markets, institutional interest, regulatory advancements, and NFT collaborations are shaping the cryptocurrency landscape.
Bitcoin’s surge gained momentum in Wednesday morning trading in Asia, leading to a breach of the $28,000 resistance level. The rally extended to the top 10 non-stablecoin cryptocurrencies, excluding XRP. This upward momentum followed the recent launch of EDX Markets, a cryptocurrency exchange supported by major Wall Street players, including Citadel Securities, Fidelity, and Charles Schwab.
At 07:30 a.m. in Hong Kong, Bitcoin surged by 5.65% over the past 24 hours, reaching $28,285 and marking a 9.36% increase over the past week. This move represented Bitcoin’s first break above $28,000 since May 30. Ether also experienced gains, rising by 2.94% to $1,788, with a 3% increase for the week. Most of the top 10 non-stablecoin tokens followed suit, except for XRP, which experienced a slight dip of 0.34% during the same period.
EDX Markets, a New Jersey-based crypto exchange, officially launched on Tuesday with backing from Fidelity Investments, a leading asset manager overseeing over $4 trillion in assets. The exchange offers trading services for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The launch of EDX Markets aligns with the recent filing by BlackRock for a Bitcoin exchange-traded fund (ETF), demonstrating increasing institutional interest in cryptocurrencies despite regulatory scrutiny.
Markus Thielen, Head of Crypto Research at Matrixport, expressed optimism regarding the approval of BlackRock’s Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Thielen predicts that if approved, the ETF could attract substantial investments, potentially reaching $10 billion within three months and $20 billion within six months, significantly impacting Bitcoin’s price.
Further indicating institutional adoption, German investment bank Deutsche Bank has reportedly applied for a license from German regulators to provide custody services for digital assets, including cryptocurrencies. This development underscores cryptocurrencies’ growing acceptance and recognition within traditional financial institutions.
On the regulatory front, the U.K.’s Financial Services and Markets Bill, which outlines cryptocurrency regulations, received approval from the Parliament’s upper house. This marks a significant step towards enacting the bill into law, potentially recognizing cryptocurrencies as regulated activities and stablecoins as means of payment. Such regulatory clarity could position Britain as a global hub for crypto and contribute to the industry’s maturity and acceptance.
The total cryptocurrency market cap experienced a 3.70% increase, reaching $1.11 trillion within the last 24 hours, while crypto trading volume surged by 47.78% to $38.63 billion.
In the NFT market, the Forkast 500 NFT index rose by 1.34% in the past 24 hours, although it remained down by 1.10% for the week. NFT transactions on Ethereum experienced a slight dip of 0.81% to $13.84 million, while transactions on Bitcoin, Solana, and Polygon blockchains demonstrated gains.
Exciting collaborations were also witnessed, including the partnership between Nike’s Web3 platform, .SWOOSH, and the popular online game Fortnite. The introduction of “Airphoria,” a Nike-themed game world within Fortnite, offers players the opportunity to earn digital sneakers and outfits as in-game accessories. While NFTs were not directly introduced to Fortnite as anticipated, linking a Nike account to a Fortnite account grants players an NFT for the future . SWOOSH NFT drops and achievements on Nike’s.SWOOSH platform.
In the NFT space, Yuga Labs, the developer of Bored Ape Yacht Clubs (BAYC), announced the upcoming launch of HV-MTL Forge, a game based on the BAYC-related HV-MTL NFT collection. This news fueled a surge of HV-MTL transactions, which rose by 287.07% in the past 24 hours to $360,129.
Additionally, a group of Rohingya photographers released the “Rohingyatographer” NFT collection on the Ethereum blockchain to commemorate Refugee Week. The collection, featuring 50 photographs depicting the lives of Rohingya people, will be open for auction on OpenSea from June 20 to June 27.
Bitcoin’s impressive surge above the $28,000 resistance level, combined with institutional support and developments in the NFT market, continues to shape the cryptocurrency landscape. The launch of EDX Markets, Deutsche Bank’s application for digital asset custody services, and regulatory advancements indicate a growing acceptance of cryptocurrencies within traditional financial systems. Furthermore, collaborations between major brands and NFT projects highlight the increasing integration of digital assets into mainstream platforms. As the crypto industry evolves, market participants eagerly anticipate further advancements that will drive adoption and reshape the global financial landscape.
