The crypto market is currently witnessing a surge, with the leading cryptocurrency, Bitcoin (BTC), surpassing the $30,000 mark in Asian trades. BTC/USDT continues its upward trajectory, marking a week-on-week performance increase of over 21%. At the time of writing, the pair was trading at $30,085, inching closer to the yearly high of $31,000 achieved in mid-April.
Bitcoin’s remarkable surge can be attributed to the launch of the new crypto exchange EDX, which has garnered significant attention from investors. Supported by prominent traditional finance players such as Fidelity, Charles Schwab, and Citadel Securities, EDX opens up bitcoin price exposure to a vast pool of sophisticated investors.
Bank of England Rate Hike Announcement Captivates Market
The focus shifts to the UK as the Bank of England (BoE) prepares to unveil its latest interest rate decision. While a minimum 25 basis point hike is widely expected, the possibility of a 50-point increase cannot be dismissed. Although rate hikes typically impact risk assets like bitcoin negatively, the current bullish momentum suggests that short positions on BTC/USDT should approach with caution.
While Bitcoin steals the spotlight, other cryptocurrencies are also making notable gains. Ethereum (ETH) closely trails Bitcoin, surging 17% in the past seven days to surpass $1,900. Litecoin (LTC), another major altcoin tradable on EDX, has witnessed a nearly 20% increase. Among the top movers in the altcoin space are Solana (SOL) and Polygon (MATIC). However, the meme coin Shiba Inu (SHIB) stands out with a remarkable 27% surge compared to the previous week.
Bitcoin’s Dominance Remains at 26-Month Highs
Despite the short-term upside observed in altcoins, bitcoin continues to dominate the crypto market. Currently representing over 51% of the global crypto market cap, which exceeds $1.18 trillion, bitcoin’s dominance remains at a 26-month high. This trend indicates that investors currently display a lower appetite for the riskier altcoin market.
In other crypto news, Atomic Wallet, a decentralized wallet provider, released a statement regarding a recent exploit, assuring users that only a minimal fraction of app users were affected. Binance Brazil is facing scrutiny from the Brazilian Parliament as part of an investigation into alleged pyramid schemes. On a positive note, Ripple’s Singapore subsidiary obtained in-principle approval for a major payments institution license. The license is valid for from the Monetary Authority of Singapore (MAS). Additionally, CACEIS, Crédit Agricole, and Santander’s asset servicing arm gained approval to provide crypto custody services in France. Lastly, Germany’s foreign intelligence agency, the Bundesnachrichtendienst (BND), launched a dog-themed NFT collection. The set contains a fun on-chain treasure hunt to recruit cyber talent.
