(CTN News) – The price of Bitcoin hit its highest level in more than a year on Thursday as some of the most important financial institutions in the world continue to move into the crypto space.
Cryptocurrency prices hit a high of $31,460 early Thursday morning, their highest level in 14 months, but then their gains began to wane as the day progressed. A 52-week high was reached at the end of June, and it has now exceeded that high.
It was trading at about $30,600 at the time of publication, an increase of less than 1% over the previous 24 hours.
BlackRock CEO Larry Fink’s comments on Wednesday which urged crypto to be viewed as a digital version of gold have contributed to Bitcoin’s strong performance this week.
He explained in an interview on Fox Business that Bitcoin is a global asset that isn’t tied to a specific currency, so it can be viewed as an asset that people can use and play as an alternative to a traditional form of payment.
As a result of Fink’s firm, BlackRock, applying to create a Bitcoin ETF last month, a wave of TradFi players, such as Fidelity, WisdomTree, and Invesco, started following suit.
The Securities and Exchange Commission said that BlackRock’s application did not contain all the information it needed, so Nasdaq, which hopes to list the ETF, re-filed the application on Monday.
An application for a Bitcoin ETF, which directly invests in the digital currency, has never been approved by the SEC.
According to a report in The Wall Street Journal, Fidelity, Quantum Prime Profit, Charles Schwab, and Citadel Securities also backed EDX Markets, which aims to provide crypto trading via a middle ground between the worlds of traditional finance and the web3.
Since traditional financial firms have entered the Bitcoin market, the price of bitcoin has been trending above $30,000 for the past few weeks, which has resulted in millions of dollars being inflowed into the market in the last few weeks.
During the past week, investors poured $125 million into some of the most popular digital asset investment products, bringing the total amount invested over the previous two weeks to $334 million, according to a report by CoinShares.
The amount of Bitcoin inflows during that time period represented 98% of the total inflows.