Bitcoin soared up thanks to the launch of EDX Markets and the BlackRock bid

Bitcoin has reached a six-week high thanks to cryptocurrency initiatives of financial titans.

On Wednesday, BTC reached $29.199 for the first time since the beginning of May. Other popular cryptocurrencies, such as Ethereum, Cardano and Solana, are also showing growth.

Crypto investors are actively buying tokens in connection with the launch of the digital asset exchange EDX Markets, which is supported by Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. In addition, BlackRock Inc. and WisdomTree Inc. have applied to launch bitcoin spot exchange-traded funds in the United States.

These steps have mitigated some of the uncertainty caused by the crackdown by the U.S. Securities and Exchange Commission (SEC), including lawsuits against exchange operators Binance Holdings Ltd. and Coinbase Global Inc. 

However, the SEC has become an obstacle in the resolution of spot bitcoin ETFs. WisdomTree has re-applied for a permit after being rejected in the past. BlackRock filed the application on June 15. The SEC was against allowing such spot funds, but BlackRock has a certain weight, as it is the world's largest asset manager with extensive experience in obtaining permits.

The markets are also influenced by macroeconomic factors, including the prospects for further tightening of US monetary policy after the suspension of the Fed's interest rate hike this month. Market participants expect a «hawkish» tone from Fed Chairman Jerome Powell in an upcoming report to Congress. 

Traders are also waiting for more clarity on the expected economic stimulus in China, where the central bank has recently reduced the cost of borrowing.