Bitcoin's Bull run Triggered: Wall Street Embraces Crypto with New Exchange and ETF Proposals

Welcome to North's Bitcoin Corner, where I break down the latest news and trends in the world of Bitcoin. If you're new to the Bitcoin space, you're in the right place! In this article, we'll explore the recent surge in Bitcoin's price and the exciting developments happening in the market. Buckle up and get ready for an exhilarating ride!

Bitcoin Surges to New Highs: June was an extraordinary month for Bitcoin. The digital asset experienced a significant surge, reaching new 12-month highs. What sparked this impressive rally? Major financial institutions like BlackRock and others expressed their interest in launching Bitcoin exchange-traded funds (ETFs) and introduced a brand new crypto exchange called EDX Markets.

Institutional Adoption Takes Center Stage: The recent appeals made by leading asset managers, including BlackRock, to the Securities and Exchange Commission (SEC) for the approval of a new form of Bitcoin ETF is a game-changer. These ETFs, unlike their futures-based counterparts, would own actual Bitcoin, making it easier for individuals and institutions to invest in this digital asset. This move is a clear indication of growing institutional acceptance and adoption of Bitcoin.

EDX Markets, backed by financial giants like Charles Schwab and Fidelity Digital Assets, has also entered the crypto exchange space. With a focus on regulatory compliance and non-custodial operations, EDX aims to provide a secure and transparent trading platform for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Market Performance: Bitcoin's surge led it to new 52-week highs above $31,300 in June, and Ethereum experienced a minor setback, dropping 3.8% to close the month at $1,871. Despite this dip, Bitcoin has gained a staggering 80% in 2023, on track for its best annual performance since 2020. Ethereum has also seen a 52% increase in value this year.

The Power of Hash Rate: Reaching All-Time Highs: The soaring hash rate serves as a testament to Bitcoin's resilience and prominence as the leading cryptocurrency. It solidifies Bitcoin's position as a reliable and secure digital asset, making it an attractive choice for individuals and institutions seeking a robust investment and transactional platform. This impressive increase in hash rate reflects the continued growth and adoption of Bitcoin, as more participants contribute their computational resources to the network.

With an all-time high hash rate, Bitcoin stands as a shining example of the power and potential of blockchain technology. This milestone underscores the network's ability to handle increasing transaction volumes securely and efficiently. As the hash rate continues to climb, Bitcoin's position as a trusted and resilient digital currency only strengthens

Institutional Approval: A Positive Sign for Investors: The interest shown by institutions like BlackRock and the launch of EDX Markets is crucial for investors. It signifies a shift in perception and recognition of cryptocurrencies as legitimate investment options. As more heavyweight institutional investors join the  space, market stability is expected to increase, leading to fewer extreme price swings and greater confidence for investors.

The Road Ahead: Predictions and Potential

Looking to the future of Bitcoin, there are some exciting possibilities on the horizon. Based on current trends, it's expected that Bitcoin's price will continue to rise and break through the $31,500 mark in the coming days/weeks. 

However, it's important to note that after reaching around $40,000 to $50,000, Bitcoin's price may slow down and even experience a temporary pullback. This is because we're still some time away from the next halving event, which usually causes the price to stabilize for a while.

Prominent figures in the crypto space, including Tom Lee from Fundstrat and Cathie Wood from ARK Invest, have expressed their optimism about Bitcoin's future. Lee predicts Bitcoin prices could reach $200,000 in the coming years, while Wood maintains her $1 million price target. These bullish forecasts highlight the growing confidence and potential for further growth in the market.