Within the past 24 hours, Bitcoin (BTC) has surged above the critical level of $70,000. Indeed, the leading cryptocurrency has seen its value increase by over 5%, according to CoinMarketCap. However, with this recent surge, the market is curious about why BTC has spiked significantly at the beginning of the week.
Numerous factors appear to explain the overall spike that BTC experienced on Monday. Furthermore, the overall market has seen broadly positive developments as May approaches Memorial Day weekend.
Specifically, assets like Solana, Ethereum, and Cardano have had notable price increases over the past 7 days. But let’s explore whether the market is responsible for driving Bitcoin’s resurgence as it stands.
BTC Surpasses $70,000 as Market Surges
At the start of the year, Bitcoin witnessed the U.S. Securities and Exchange Commission (SEC) approving the issuance of spot exchange-traded funds (ETFs) for the asset. This proved to be a landmark development for the leading cryptocurrency and dominated the discussions surrounding it.
Therefore, the discussion of why Bitcoin (BTC) has reached the current $70,000 level needs to begin with that development. Specifically, the digital asset sector has seen numerous high-profile financial institutions reveal their exposure to the recently approved Spot Bitcoin ETF.
The latest of these is Morgan Stanley, which revealed that it held $270 million worth of Grayscale’s Bitcoin Trust as of March. This disclosure put Morgan Stanley on par with JPMorgan, Wells Fargo, UBS, and others.