U.Today - Over the past 24 hours, the second most popular cryptocurrency, , has added nearly 6%, rising to the $1,821 level. A recent tweet published by the Santiment analytics team hints at the reasons that have suddenly pushed ETH up.
Ethereum jumps 5.93%: reasons behind it
Bitcoin Charles Schwab SCHWThe news of these top players entering the crypto space has apparently fueled the sudden spike of Bitcoin followed by Ethereum and other cryptos jumping in price as well. Prior to that, the world's largest wealth manager, BlackRock (NYSE:BLK), announced that it filed for a Bitcoin spot ETF, with rumors about Fidelity having similar plans following almost immediately.
Besides, as reported by U.Today earlier, global wealth also filed for a spot BTC exchange-traded fund, according to a recently published SEC document.
Aside from the new Wall Street-backed exchange, a lot of have begun moving their Bitcoins back into the market, according to another tweet by Santiment.
Santiment also stated that Ethereum was pushed up not only by Bitcoin but also by a massive surge in trading volume on the crypto market — $222 billion last week, which was 30% more than the week before that seen.
Wall Street enters crypto, while SEC sues major exchanges
COINThis happened after SEC first sued Ripple Labs in late 2020 and has recently been clamping down on various crypto platforms, including, again, Coinbase (when it forbade them to launch a crypto lending service last year) and Kraken.
However, at the same time, large Wall Street companies are entering the crypto space as was mentioned above, including the largest bank in Germany, Deutsche Bank (ETR:DBKGn), now seeking a license to start offering crypto custodial services to its clients.
Some thought leaders in crypto believe that the SEC is sweeping out major crypto companies from the U.S., so that Wall Street giants can take their place and grab up their income. However, many Bitcoin maxis believe that Wall Street entering crypto is a great sign for Bitcoin adoption and for BTC's future.