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The virtual currency market, led by star players Bitcoin and Ethereum, has seen an impressive upturn this year, with various factors at play. From its low point late last year, Bitcoin has managed to double its value, crossing the $30,000 mark. Alongside Bitcoin, other key players like Binance Coin, Cardano, Ripple, Dogecoin, Solana, and Litecoin have also gained significant momentum, contributing an additional $300 billion to the joint market this year.
But the real story lies ahead. The world's premier asset management company, BlackRock, supervising around $10 trillion for its clients, has set off a wave of applications for U.S. spot Bitcoin exchange-traded funds (ETF). These applications collectively represent a colossal $27 trillion in assets under management.
According to Meltem Demirors, Chief Strategy Officer at CoinShares, numerous leading U.S. financial institutions are proactively endeavoring to integrate Bitcoin and more into their offerings. Institutions such as Morgan Stanley, JPMorgan, Fidelity, Bank of America, and Goldman Sachs feature on this list.
Fidelity, the financial titan, has re-entered the race to be the premier institution with a fully functioning spot Bitcoin ETF. They resubmitted the necessary documents to the U.S. Securities and Exchange Commission for their proposed Wise Origin Bitcoin Trust this past Thursday, a project they initially proposed in 2021. This move signifies their eagerness to capitalize on the booming crypto market, highlighting the growing integration of digital currencies into mainstream financial services.
Taking a closer look at the market trends, Bitcoin notably rebounded from its November 2022 slump when it bottomed out at $16,000 following the FTX crash. Since December of the same year, a gradual recovery trend has been observed across the market. Solana, in particular, has shown remarkable resilience, leaping from $7 to $21.
The month of June saw a wave of corrections following allegations from the SEC that most cryptocurrencies were being used as "securities." Blockchain developers quickly countered this claim, asserting the inherent value and purpose of these digital assets beyond merely being securities.
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