Financial Giants Boost Bitcoin to Six-Week High

Bitcoin rose to $30,000, its highest level since April, due to crypto initiatives involving major players from the traditional financial sector. The start of a digital-asset exchange, EDX Markets, backed by firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp, and BlackRock Inc. and WisdomTree Inc.'s applications to launch spot US Bitcoin exchange-traded funds have boosted institutional demand. The SEC's crackdown on crypto, including lawsuits against exchange operators Binance Holdings Ltd. and Coinbase Global Inc., has caused some gloom, but the BlackRock filing has reignited the race for a Bitcoin ETF. Deutsche Bank AG has also applied for regulatory permission to operate a custody service for digital assets.