Bitcoin Shoots Past $30,000 as Wall Street Eyes Up ‘Digital Gold’

Bitcoin has hit $30,000 for the first time since April.

The biggest cryptocurrency by market cap surged past $30,000 on April 10 but then dipped slowly days later and struggled for two months as regulators in the U.S. spooked investors.

Bitcoin is now trading just above $30,000, up more than 10% on the day, according to data from TradingView. The rest of the market is in the green following the digital asset’s spike, including usually idle altcoins, like Bitcoin Cash.

The crypto market surge follows what appears to be renewed interest from institutional investors for so-called digital gold. EDX Markets—a new digital asset exchange backed by Fidelity, Charles Schwab, and Citadel Securities launched yesterday. The exchange wants to draw in big money by “bringing the best of traditional finance to cryptocurrency markets,” its its CEO Jamil Nazarali said.

Earlier this week, digital asset management firm CoinShares reported a shift in sentiment among institutional investors following Blackrock’s bid for a Bitcoin ETF. BlackRock, the world’s biggest asset manager, last week applied to the U.S. Securities and Exchange Commission for a spot Bitcoin ETF.

The SEC has denied various applications, but given BlackRock’s reputation and track record with the SEC, market observers are liking its chances.

Bitcoin was lagging at the start of the year when it was worth $16,615 per coin. It’s now up more than 80% since the start of 2023, but still well below its $69,044 all-time high set in November 2021.