Bitcoin Surpasses $30,000: A Significant Milestone in Crypto Market

Bitcoin surpassed $30,000 for the first price since April, bolstered by crypto initiatives involving major players in the traditional financial sector. The largest digital asset rose as much as 6.5% and traded at $29,927 as of 12:12 p.m. on Wednesday in New York, bringing the token's year-to-date gain to approximately 80%. Ether, Cardano, and Solano, among others, also posted gains.

The launch of EDX Markets, a digital asset exchange supported by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has provided relief to crypto investors. BlackRock Inc. and WisdomTree Inc. have independently submitted applications to launch spot US Bitcoin exchange-traded funds. Bitcoin "has been the most notable outperformer in this uptrend, and it appears to be dragging the rest of the cryptocurrency market along with it."

These actions alleviated some of the gloom caused by the SEC's crypto assault, which included lawsuits against exchange operators Binance Holdings Ltd. and Coinbase Global Inc. In doing so, the agency designated a large number of digital tokens as unregistered securities.