‘Big News’—Crypto Now Braced For A Huge $27 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana And Litecoin Price Pump

Bitcoin
BTC
, ethereum and other major cryptocurrencies have rocketed higher this year due to a myriad of surprising different factors.

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The bitcoin price has doubled from its late 2022 lows, climbing to over $30,000 per bitcoin and pushing up the price of other top ten coins BNB
BNB
, XRP
XRP
, cardano, dogecoin and solana. The surge has seen $300 billion added to the combined market this year.

Now, the world’s largest asset manager BlackRock
BLK
—which looks after around $10 trillion on behalf of clients—has triggered a flood of U.S. spot bitcoin exchange-traded fund (ETF) applications that combined boast $27 trillion in assets under management.

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“Many of the largest financial institutions in the U.S. are actively working to provide access to bitcoin and more,” CoinShares chief strategy officer Meltem Demirors posted to Twitter alongside a list of financial institutions, including Fidelity, JPMorgan, Morgan Stanley
MS
, Goldman Sachs, BNY Mellon, Invesco
IVZ
and Bank of America
BAC
.

Fidelity is the latest financial giant to enter the race to be the first to market with a fully-fledged spot bitcoin ETF, on Thursday refiling the paperwork with the U.S. Securities and Exchange Commission (SEC) for the so-called Wise Origin Bitcoin Trust it first proposed in 2021.

“Crypto markets enjoyed another positive week, with bitcoin stabilizing near its $30,000 range peak,” Rachel Lin, founder of decentralized derivatives SynFutures, said in emailed comments.

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“Bitcoin’s comparative performance against the wider crypto market strengthened, with no signs of reversal. Meanwhile, altcoins saw modest gains last week followed by a more significant pullback this week. Bitcoin is trading near its mid-term highs, while most altcoins’ market caps are approximately 20% lower. Major altcoins like solana
SOL
, polygon
MATIC
, polkadot, and algorand
ALGO
have yet to regain their May levels.”

Lin pointed to derivatives data that showed increased trading activity, with bitcoin’s open interest hitting $16 billion. Options open interest indicates 66% calls to 34% puts, with the most significant interest at the 35,000 and 32,000 call levels, acting as resistance if bitcoin breaks the $30,000 level.

“Bitcoin dominance has hit a new yearly high of 52%. Bitcoin looks stronger than altcoins on the charts, even ethereum
ETH
, which previously held well against Bitcoin, is faltering,” Lin said, adding “bitcoin’s outperformance is largely due to bitcoin ETF news.”