Bitcoin Soars to a 14-Month Peak Following Larry Fink’s Remarkable Insights

**Bitcoin Soars to Highest Price in Over a Year Amid Traditional Finance Interest**

Bitcoin Achieves Highest Price in 14 Months

Bitcoin, the popular cryptocurrency, reached its highest price in over a year on Thursday, fueled by the growing interest of major traditional finance firms in the crypto sector. The cryptocurrency peaked at $31,460 early in the morning of Thursday but later experienced a slight decline. This price surpassed the 52-week high it reached at the end of June.

Steady Trading Price

As of publication, Bitcoin was trading at around $30,600, showing a less than 1% increase in the past 24 hours.

Traditional Finance Firms’ Interest in Crypto

Bitcoin’s impressive performance can be attributed to the support and interest of prominent traditional finance firms. BlackRock CEO Larry Fink made remarks on Wednesday endorsing cryptocurrency as a digital equivalent to gold. Fink highlighted the international nature of Bitcoin, stating that it can serve as an alternative asset for investors. He made these comments during an interview on Fox Business.

BlackRock’s Application for a Bitcoin ETF

BlackRock, Fink’s firm, submitted an application to create a spot Bitcoin ETF (Exchange-Traded Fund) last month. This move prompted other traditional players in the financial industry, including Fidelity, WisdomTree, and Invesco, to follow suit. However, the Securities and Exchange Commission (SEC) raised concerns regarding the missing information in BlackRock’s application. Consequently, Nasdaq, which aims to list the ETF, resubmitted the application to the SEC on Monday. It is worth noting that the SEC has never accepted an application for a spot Bitcoin ETF, which directly invests in the cryptocurrency.

Establishment of EDX Markets

In addition to BlackRock’s involvement, other significant developments have contributed to Bitcoin’s rise in price. Last month, Fidelity, Charles Schwab, and Citadel Securities supported the establishment of EDX Markets, a new exchange that seeks to provide cryptocurrency trading through a middle ground between traditional finance and Web3.

Inflows to the Market

The entry of traditional financial firms into the crypto industry has not only boosted the price of Bitcoin but also attracted substantial investments. Over the past few weeks, Bitcoin has maintained a price above $30,000. This development has resulted in millions of dollars flowing into the market. According to a report by CoinShares, investors injected $125 million into popular digital asset investment products in the previous week, bringing the total investment in the past two weeks to $334 million. Bitcoin accounted for 98% of these inflows.


Bitcoin’s recent surge in price can be attributed to the increasing interest and involvement of major traditional finance companies in the crypto sector. BlackRock’s application for a spot Bitcoin ETF and the establishment of EDX Markets have added momentum to Bitcoin’s prominence. These developments have not only driven prices but also attracted significant investments to the cryptocurrency market. As Bitcoin continues to gain attention from traditional finance, its position as a valuable digital asset is set to strengthen further.

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