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• Bitcoin trades at a 1-year high of $30k after breaking out of a consolidation pattern.
• The US dollar strengthened across the board last week, but it did not gain against Bitcoin.
• Possible explanations for this bullish breakout include BlackRock’s application for a spot Bitcoin ETF and investors‘ trust in the industry building with recent SEC lawsuits.

Bitcoin Jumps to 1-Year High

Bitcoin has made a new higher high, trading above $30k and keeping the bullish bias intact despite consolidating since April. This move follows news that BlackRock is preparing to launch a spot Bitcoin ETF as well as increasing investor trust in the industry with recent SEC lawsuits.

Dollar Strengthening Across the Board

The US dollar strengthened last week against other fiat currencies, such as EUR/USD dropping from 1.10 to 1.0850 and GBP/USD dropping on weak UK data. However, this did not result in gains against Bitcoin – instead, it remained stable or increased its value.

Blackrock’s Application For Spot Bitcoin ETF

News surfaced that American multinational investment company BlackRock had submitted an application for a spot Bitcoin ETF designed to track the underlying market price of Bitcoin. This could be one explanation for why Bitcoin is gaining value despite the strength of the US dollar against other currencies.

SEC Lawsuits Building Investor Trust

Recent SEC lawsuits may also be contributing towards investors‘ trust in crypto which would explain why it remains strong despite the dollar’s strength against other currencies. A more transparent industry should be positive news for crypto investors so this could be driving up prices of cryptocurrencies like Bitcoin.

Uncertainty Ahead?

It is unclear how the cryptocurrency market will react to decisions from Binance and Coinbase when they come in, so there is some uncertainty surrounding where prices will go next for cryptocurrency markets like Bitcoin.