The recent surge in Bitcoin's price has paused around the $30,000 mark
as investors assess applications for exchange-traded funds (ETFs) focused on the cryptocurrency's spot market.
Despite regulatory resistance, BlackRock's filing for an ETF sparked speculation.
Bitcoin's rally has outpaced the broader cryptocurrency market, decoupling from the stock market.
BlackRock, Invesco, WisdomTree, and Bitwise have submitted similar ETF proposals.
Bitcoin's resilience is attributed to BlackRock's application and market expectations of stimulus measures in China.
Bitcoin's performance has influenced other cryptocurrencies like Ether, Cardano, and Solana.
The launch of EDX Markets, backed by prominent firms, has further boosted crypto sentiment.
Bitcoin still faces hurdles like potential monetary policy tightening and indications of an overextended rally.
After a turbulent 2022, Bitcoin has recovered by 83% this year but remains below its peak value in 2021.
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