The crypto market is showing signs of recovery as Bitcoin, Bitcoin Cash, and Bit Digital are rising today. The positive momentum is driven by increased institutional interest in the sector, as well as some technical factors.
Bitcoin, the leading cryptocurrency by market capitalization, has surged above $30,000 for the first time since June 22. The price increase comes after BlackRock, the world’s largest asset manager, filed an application to launch a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). If approved, the ETF would allow investors to gain exposure to Bitcoin without having to buy or store it directly.
Bitcoin Cash, a fork of Bitcoin that aims to offer faster and cheaper transactions, has also gained more than 10% in the past 24 hours. The rally is partly attributed to the upcoming network upgrade on November 15, which will introduce new features and improvements to the protocol.
Bit Digital, a Nasdaq-listed company that operates Bitcoin mining farms in China and North America, has seen its stock price soar by more than 20% today. The company announced that it has completed the relocation of its mining machines from China to Kazakhstan and the US, following the crackdown on crypto mining by the Chinese authorities.
The crypto market is up today as Bitcoin and other cryptocurrencies are breaking out of their corrective patterns and are nearing new yearly highs. The market sentiment is also boosted by the growing adoption and innovation in the decentralized finance (DeFi) space, which offers various financial services and products without intermediaries.
