Bitcoin price, which was around $ 26,500 during the day, reached the $ 28,000 limit with a sudden movement.
Bitcoin, which has increased by 3.65% in the last 24 hours, is trading at $ 27,828 at the time of this writing.
The Possible Reason Behind Bitcoin's Rise Wall Street Backed Cryptocurrency Exchange
However, many crypto money investors are also researching the reason for this latest rise. According to analysts, the main reason behind the rise is the EDX Markets exchange, which will join the cryptocurrency exchanges and is supported by Wall Street giants such as Citadel Securities, Fidelity Investments and Charles Schwab.
According to the announcement, the exchange hopes to attract "industry leaders" by incorporating best practices from traditional finance and offering unique advantages, including liquidity, competitive pricing, and most importantly, a non-oversight model designed to minimize conflicts of interest and avoid confusion with the SEC. .
A spokesperson for Citadel Securities confirmed to the WSJ that the company is trading cryptocurrencies on EDX. Ironically, the billionaire founder of Citadel Securities, who made his fortune in traditional markets, was openly hostile to crypto as little as a year and a half ago.
“I wish all this passion and energy spent on crypto was aimed at making the United States stronger,” Citadel CEO Kenneth C. Griffin said at a public meeting in Chicago in October 2021.
Jamil Nazarali, EDX CEO, who was a longtime executive at Citadel Securities before joining EDX, said that FTX's bankruptcy increased demand for a crypto exchange without the inherent conflict of interest that comes with storing client funds.
However, he argues that EDX will not directly store its clients' assets.
*Not investment advice.