Bitcoin's price rose as high as $31,000 as BTC spot ETF filings and Fed Chairman Jerome Powell's views on stablecoins kept crypto investors bullish on the market.
BlackRock's application for a spot Bitcoin exchange-traded fund (ETF) has encouraged other financial firms to follow suit. First up was New York-based asset management fund WisdomTree, which filed a new application for Bitcoin on June 21. This was later followed by investment manager Invesco, which reactivated its spot ETF application.
These announcements boosted investor sentiment, resulting in a short squeeze and additional buying interest from investors on the sidelines. The number of events over the last few days has increased buying interest in Bitcoin, which increased its market dominance to over 50% on June 19th.
Short-term investors expecting a rapid rally to all-time highs may be in for a shock. In the latest issue of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode warned investors that their patience could be tested for another eight to 18 months before the market reaches an all-time high.
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