Cryptocurrencies rose strongly, led by bitcoin, during trading today, Wednesday, as bitcoin is now trading near the level of 29 thousand dollars.
The data showed that the largest digital currency by market capitalization jumped to 28,150 dollars in a few hours after steady trading around 26,800 dollars for most of the day. But it recently trimmed some of its gains, falling to about 27,900 dollars, but rebounded back towards the level of 29 thousand dollars, rising by 7.8% over the past 24 hours to outperform most other digital assets.
Traders who prepared for the price drop lost about 36.6 million dollars in liquidations over the past 24 hours, according to CoinGlass data. This was the largest amount of short playoffs since May 28.
Read more about crypto currency bitcoin falls down.
New platform
The bitcoin digital currency continued its gains recorded in the evening to exceed the USD 29 thousand barrier for the first time since the end of May after the launch of a new cryptocurrency trading platform supported by Fidelity, Citadel Securities and Charles Schwab.
It has launched the "EDX Markets" platform, a cryptocurrency platform supported by Fidelity, Citadel Securities and Charles Schwab, to trade cryptocurrencies such as Bitcoin, Ether and Litecoin.
The edX platform has avoided the" Digital Asset Securities " targeted in recent lawsuits by the Securities and Exchange Commission against Binance and Coinbase, by positioning itself as a "non-custodial" exchange, as EDX aims to meet the needs of major financial institutions seeking crypto exposure but having reservations about centralized crypto providers.
The non-custodial platform means that it does not hold the digital tokens of its customers and instead, it ensures that customer assets are kept in third-party banks that act as a crypto depository, eliminating concerns about possible fund embezzlement.
Overcoming negative news
The rise in prices comes after a number of large financial services institutions announced major crypto initiatives, as the market overcame negative news in recent weeks about increased US regulatory pressure, including lawsuits against crypto exchanges Binance and Coinbase.
Bitcoin's move above USD 28,000 also comes as the digital currency's share exceeds 50% of the total cryptocurrency market capitalization for the first time in two years. Unlike most other digital assets, Bitcoin has not been involved in any of the regulatory complexities.
Last week, the two largest financial forces- "BlackRock" and"Fidelity"- announced their readiness to enter the bitcoin market on an expanded basis, announcing the application for approval to manage exchange-traded funds for the composition.
"BlackRock" owns 10 trillion dollars, and" Fidelity " 4.5 trillion dollars of assets under management. Simply put, if these giant investment companies with powerful financial clout decide to enter the world of digital currencies, they have the potential to reshape the entire landscape.
According to some cryptocurrency market observers, the request of the two companies to invest in bitcoin will increase investor confidence in the digital currency, and the request may be the "best thing that can happen to Bitcoin" right now, despite warnings from others that there is a hidden cost.
Analyst Lark Davies said-in a tweet to him on Twitter-that the current supply of bitcoin on trading platforms is limited, and if only 0.3% of the funds managed by these companies are allocated to bitcoin, it will be enough to get all the available bitcoin.
The digital currency market today
The combined market capitalization of the crypto market during these moments of today's transactions amounted to about 1.13 trillion dollars. The volume of trades amounted to about 47.16 billion dollars.
Bitcoin has risen by as much as 7.8% over the past 24 hours to now reach the levels of 28,851 dollars, while recording weekly gains of 11.5%. Its market capitalization has now reached 559 billion dollars.
"Ethereum", the largest digital currency in terms of market capitalization after bitcoin, climbed by about 4.8% over the past 24 hours, reaching 1811 dollars, with a weekly gain of 4.15%, and a market value of about 217 billion dollars.
While the price of Binance Coin rose by 3.3% to record 249 dollars. The price of the XRP Ripple currency rose by 2.14% to 0.49416 dollars.
Cardano witnessed an increase to 0.2785, rising by 7.66%, and rising over the past 7 days by 1.9%.
While the Dogecoin climbed to the levels of 0.064292 dollars, by 3.5%, with a weekly rise of 3.6%.