{"id":26253,"date":"2023-06-22T21:40:34","date_gmt":"2023-06-23T01:40:34","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-push-above-30000-how-it-can-drive-even-higher\/"},"modified":"2023-06-22T21:40:35","modified_gmt":"2023-06-23T01:40:35","slug":"bitcoin-prices-push-above-30000-how-it-can-drive-even-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26253","title":{"rendered":"Bitcoin Prices Push Above $30,000. How It Can Drive Even Higher."},"content":{"rendered":"
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\n Bitcoin
\n rose to above $30,000 Thursday as institutional interest in the crypto sector propelled its price and that of other cryptocurrencies higher. A further breakout could depend on a regulatory decision on approving exchange-traded funds for the world\u2019s largest crypto.<\/p>\n

\n Bitcoin
\n has risen 2.9% to $30,173 over the past 24 hours. While Bitcoin was down from the peak of its surge late on Wednesday, it was largely holding onto gains sparked by the launch of a Wall Street-backed crypto exchange this week.\u00a0<\/p>\n

\n

That\u2019s likely to boost confidence that Bitcoin can avoid a repeat of its price action in April, when it briefly rose above $30,000 before falling back. While the macroeconomic picture for risk assets remains clouded by the prospect of further interest rate hikes from the Federal Reserve, for now Bitcoin appears to have broken out of lockstep with assets such as technology stocks. <\/p>\n

\u201cFrom a technical standpoint, on Tuesday, the cryptocurrency emerged above the downward sloping trendline drawn from the high of April 14, which probably means that some further advances may be in store,\u201d wrote Charalampos Pissouros, an investment analyst at XM, in a note. <\/p>\n

A key factor for whether Bitcoin can head higher from here will be whether the Securities and Exchange Commission drops its opposition to approving an ETF which owns the cryptocurrency.\u00a0<\/p>\n

The SEC\u2019s stance is being tested again by applications for launching Bitcoin ETFs from
\n BlackRock
\n \u00a0(ticker: BLK),
\n Invesco
\n (IVZ), and
\n WisdomTree
\n (WT). New commitments from the firms to monitoring for market manipulation have raised hopes that the SEC might be willing to approve such a fund for the first time. <\/p>\n

\u201cIf [BlackRock\u2019s] Bitcoin ETF is approved, that will open the floodgates of institutional adoption of Bitcoin. As a result that will likely drive the price of Bitcoin significantly,\u201d said Kate Laurence, the\u00a0 CEO of crypto-focused venture-capital fund Bloccelerate VC.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014 rose 2.8% to $1,892. Smaller cryptos, or altcoins, also moved higher, with
\n Cardano
\n up 5% and
\n Polygon
\n \u00a0up 3.5%. Memecoins were stronger, with
\n Dogecoin
\n \u00a0rising 3.4%.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin rose to above $30,000 Thursday as institutional interest in the crypto sector propelled its price and that of other cryptocurrencies higher. A further breakout could depend on a regulatory decision on approving exchange-traded funds for the world\u2019s largest crypto. Bitcoin has risen 2.9% to $30,173 over the past 24 hours. While Bitcoin was down […]<\/p>\n","protected":false},"author":1,"featured_media":4505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-26253","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Prices Push Above $30,000. 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