Bitcoin Rise by 5.8% After 43,951 Traders Got Liquidated

Bitcoin and Ether showed a good start to the trading day on Wednesday, with the world's largest digital currency rising by a percentage of 5.8% to $28,800.

In the crypto market, a total of 43,951 traders were liquidated, bringing the total liquidation to $157.02 million. Binance had the greatest single liquidation order of - $4.67 million. The cryptocurrency market has increased by 62.20% in the last 24 hours to reach $45.3 billion.

Since BlackRock, the world's largest asset manager, filed for the first US spot bitcoin ETF last week, sentiment in the crypto industry has been unstable. The complaint comes only a week after the Securities and Exchange Commission sued two of the top cryptocurrency exchanges, Binance and Coinbase.

A Little Talks About the Rise of Bitcoin

Bitcoin's experienced a win to above $28,000 after Bitcoin's share of the cryptocurrency market value reached 50% for the first time in two years. 

Unlike most other digital assets, Bitcoin has avoided the complex rules of US legislation.

Despite the crashes and bankruptcies observed earlier this year and in late 2022, BlackRock's Bitcoin ETF filing demonstrates that institutional interest in Bitcoin remains undiminished.

Many established financial organizations want to demonstrate their love for blockchain technology and how it may advance traditional financial systems. However, when it comes to Bitcoin investing, the majority of popular financial brands remain more conservative.

Since 2014, Fidelity, a leading American wealth management, has been closely monitoring the crypto market's progress. In recent years, the company launched its Fidelity Digital Assets division, created a commission-free investment software for individual clients called Fidelity Crypto, and started offering 401,000 investors access to cryptocurrencies. 

How Institutions Influence the Crypto Market

Traders are confident that with big names like BlackRock and Fidelity making their cryptocurrency commitments public, some of the reputational risk involved with undertaking any kind of crypto business, which some investors feared in the past will give way.

Investors are also increasing their purchasing demands in response to news that well-known financial institutions including Citadel Securities, Fidelity Investments, and Charles Schwab have established a cryptocurrency exchange known as EDX Markets. The company recently announced the June 20 launch of its digital asset market, which marks the official start in the industry.

According to the announcement, the exchange seeks to attract "industry leaders" by adopting best practices from traditional finance and delivering unique benefits like liquidity, competitive quotes, and a non-custodial model aimed at reducing conflicts of interest. Only four crypto assets are presently supported for trading on EDX: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.