The Bitcoin (BTC) market enjoyed a relatively mild rally that saw its value rise to a new high for 2023 on Thursday. During the early New York trading session on Thursday, Bitcoin price traded above $31k and made some advancement towards $31.4k before retracing $30.7k.
According to the latest market data provided by Binance-backed Coinmarketcap, Bitcoin’s daily traded volume was up approximately 36 percent to about $16.9 billion. Today’s Bitcoin pump saw its market dominance rally beyond 51 percent.
What’s the Reason Behind Bitcoin Pump on Thursday
It is safe to say that Bitcoin is largely controlled by crypto whales who are mostly long-term holders. The recent Bitcoin ETF frenzy was rejuvenated after BlackRock reapplied its application through Nasdaq including Coinbase via a surveillance sharing agreement (SSA). Notably, Fidelity Investment has since reapplied for its Bitcoin ETF with the SEC in a bid to expose its institutional clients to the crypto market.
On Wednesday, another investment firm dubbed Valkyrie Investment reapplied for a Bitcoin ETF.
Additionally, the Bitcoin market also got a huge boost of confidence after BlackRock CEO Larry Fink said in a televised interview that Bitcoin is digitizing gold.
“Specifically on bitcoin, as I’ve said in the past, we’re a believer in the digitization of products,” Flink noted in the FOX interview. “Bitcoin is an international asset…It can represent an asset that people can play as an alternative.”
