Bitcoin rose for a third day after hitting its highest level since mid-April, bolstered by BlackRock’s (BLK.N) ambition to develop a bitcoin ETF despite U.S. regulatory scrutiny.
Last Monday, BlackRock, the world’s largest asset management, filed for the exchange to let investors buy into the asset class. On Tuesday, the Wall Street Journal announced that Citadel Securities, Fidelity, and Schwab-backed crypto exchange EDX Markets had launched.
The U.S. securities agency is investigating cryptocurrency industry infractions. The SEC sued Coinbase and Binance this month.
Bitcoin, the world’s largest cryptocurrency, rose 5.5% to 29,881.00 on Wednesday. It’s up 81% year-to-date.
“It started with BlackRock’s Bitcoin ETF filing and now others are following,” said OANDA senior market analyst Edward Moya. “Who needs regulatory clarity if you see BlackRock making a move?”
“Bitcoin momentum may last a little longer,” he said, but “hear good news from the SEC to see a sustained rally target in the mid-$30,000 region.”
Ether increased 4.8% to $1,877.70.
