After hitting its highest level since mid-April, Bitcoin climbed for a third day on BlackRock’s (BLK.N) intention to launch a Bitcoin ETF despite U.S. regulatory scrutiny.
BlackRock, the world’s largest asset manager, filed for the exchange to let investors buy the asset class on Monday. According to the Wall Street Journal, Citadel Securities, Fidelity, and Schwab launched EDX Markets on Tuesday.
The U.S. securities department is investigating cryptocurrency sector violations. SEC sued Coinbase and Binance this month.
Bitcoin climbed 5.5% to 29,881.00 on Wednesday. 81% year-to-date.
“It started with BlackRock’s Bitcoin ETF filing and now others are following,” said OANDA senior market analyst Edward Moya. “Who needs regulatory clarity if you see BlackRock making a move?”
“Bitcoin momentum may last a little longer,” he added, “hear good news from the SEC to see a sustained rally target in the mid-$30,000 region.”
Ether rose 4.8% to $1,877.70.