#Биткойн continues its upward path, reaching a six-week high, and this is due to the active participation of financial giants in cryptocurrency initiatives.$BTC

The leading digital currency added 6% to $30,800 at 19:30 GMT on Wednesday, extending its gain this year to 77%. There has also been a rise in smaller cryptocurrencies such as #Эфир, #Кардано and #Солана.

Cryptocurrency investors began buying tokens in a big way following the launch of digital asset exchange EDX Markets, backed by companies such as Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. In addition, BlackRock Inc. and WisdomTree Inc. quickly filed applications to launch Bitcoin funds on an exchange in the United States. These steps eased some of the concerns raised by the SEC's actions. The commission has also classified many digital tokens as unregistered securities. “The growth is supported by institutional demand,” said Hayden Hughes, co-founder of social trading platform Alpha Impact. "BlackRock's announcement of a Bitcoin ETF and the launch of EDX Markets have boosted Bitcoin, providing hope that traditional financial institutions will add depth to the cryptocurrency market." However, the SEC is putting up obstacles. WisdomTree is again trying to get permission to launch a Bitcoin ETF in the US after a previous refusal. BlackRock's application was filed on June 15. The SEC has previously resisted allowing such funds, but BlackRock's application, given its status as the world's largest asset manager, could change that.

"BlackRock's bid changed the whole situation and revived growth," said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

BlackRock's filing comes during Grayscale Investments LLC's litigation with the SEC regarding the conversion of the Grayscale Bitcoin Trust into a physically backed ETF. Trust's discount to net asset value has narrowed sharply as BlackRock's move is expected to ultimately support Grayscale's cause. Demand | Grayscale Bitcoin Trust's discount to net asset value narrows

Deutsche Bank AG has also applied for European regulatory approval to provide custody services for digital assets.

“It is very unlikely that they will offer this unless they receive sufficient promises from their large clients,” wrote Noelle Acheson, author of the newsletter Crypto Is Macro Now.

Markets are also awaiting more clarity on expected economic stimulus in China, where the central bank recently cut borrowing costs. Some observers believe the impact of Chinese stimulus on Bitcoin is not yet clear enough, while traders are also awaiting more specific guidance from Fed Chairman Jerome Powell in an upcoming report to Congress.

At the speech, Fed Chairman Jerome Powell said:

⏺ Payment stablecoins are a form of money. It will be good if we have a fairly strong federal role in this area.

On the technical side, the price #Bitcoin yesterday broke through the trend resistance level (purple), this pattern indicates a bullish mood. The price also bounced off the mirror level of 25.200. I had not previously foreseen this level and the angle of the trend on the daily chart. In this situation, taking into account fundamental and technical factors, the probability of this condition is high:

If the level of 31.000 is broken out on the daily growth target, the trend resistance level (orange) is 33.500-33.700.

A breakdown means the body of the candle closes beyond the specified level.

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