Hong Kong which is seen as a vassal date of Mainland China has been making groundbreaking laws that will make the country a crypto hub in a few years. Recently the Hong Kong Monetary Authority mandated banks to support crypto businesses and startups. Analysts are suspecting that China is gradually opening its financial borders to cryptocurrencies. Maybe they have observed that banning crypto transactions is not in their best interest. This might have also contributed to the increase in the price of Bitcoin and others.

But the major reason for this sudden price hike is spot Bitcoin ETF applications by major investment firms in the US which include Wisdom Tree, Invesco, and BlackRock. These firms are major investment companies with Wisdom Tree having about $93 billion in assets under management and Invesco having about  $1.49 trillion in its management portfolio. Another reason might be the support of EDX Markets, a new exchange by these notable large financial institutions which include Citadel Securities, Fidelity Investments, and Charles Schwab. This huge move is giving the crypto market the right attention and needed boast. And the recent decision of the US central bank to hold interest rates steady has given citizens the privileged of additional funds to invest. Since March last year, the US government have increased interest rate ten times.