Bitcoin Surges After Shallow Dip Below $30K: Markets Wrap

Signals of further institutional adoption could have triggered crypto’s early morning rally, when bitcoin jumped over 10%.

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • BNY Mellon has joined State Street and four other banks in offering custody support to a new crypto trading platform, Pure Digital.
  • Virtually Human Studio raised $20 million in Series A funding, led by TCG Capital Management.

Bitcoin rebounded on Wednesday, climbing upwards of $32,000, after falling below $30,000 the day before.

Institutional adoption could have triggered crypto’s early morning rally, when bitcoin jumped over 10%. Ethereum broke past $2,000 for the first time in a week.

BNY Mellon, which has $45 trillion AUC, joined State Street and four other banks in offering custody support to a new crypto trading platform, Pure Digital. 

Later in the day, Tesla’s Elon Musk said that he owned ethereum, bitcoin and dogecoin. He added that he “would like to see bitcoin succeed.” Musk also said that Telsa would likely resume accepting bitcoin as payment in the future. During his bullish remarks at “The B-Word” conference, ethereum hiked 13% while dogecoin surged almost 20%. The panel also featured Ark Invest’s Cathie Wood and Twitter CEO Jack Dorsey.

Bitcoin now faces resistance around $34,000.

Crypto

  • Bitcoin is trading around $31,730.57, up 6.24% in 24 hours at 4:00 pm ET.
  • Ether is trading around $1,945.31, advancing 8.38% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.061, advancing 1.4% at 4:00 pm ET.
  • VIX fell -8.57% to 18.03 at 4:00 pm ET.

Insight

“We see that volumes of trading have increased at the lower price levels, presumably because people are buying the dip. At least whales definitely are,” TabTrader CEO, Kirill Suslov, said in a note. “However, such an important round number price level may be both difficult to pierce through and if pierced successfully, the negative pressure can prevail.”

Graph: TradingView

US stocks made gains for a second trading session in a row after rebounding from Monday’s big hit to equities.

Equities

  • The Dow made gains to 34,794, up 0.84%.
  • S&P 500 advanced 0.80% to 4,357.
  • Nasdaq was up 0.90% to 14,629.

Fixed Income

  • US 10-year treasury yields 1.292% as of 4:00 pm ET.

Commodities

  • Brent crude shot up to $72.74 a barrel, advancing 4.17%.
  • Gold was little changed, down -0.40% to $1,803.80.

Currencies

  • The US dollar fell -0.21%, according to the Bloomberg Dollar Spot Index.

In other news…

Virtually Human Studio raised $20 million in Series A funding, led by TCG Capital Management.

We’re watching out for…

  • US existing home sales will be on Thursday.
  • European Central Bank rate decision will be on Thursday.
  • The Tokyo Summer Olympics begin on Friday.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

An improving outlook on tariffs is positive for cryptocurrencies, but a sustained rally is going to take movement on the regulatory front

article-image

Apollo’s Christine Moy explained how the “velocity” of innovation in crypto has led to the evolution of RWAs

article-image

Warren Buffett attributes his astounding investment returns to only about a dozen “truly good decisions” he’s made

article-image

This report has been corrected.

article-image

Stablecoin revenue a bright spot for the crypto exchange in Q1, as trading revenue dropped 19% quarter over quarter

article-image

Creators are being told to “shill” their tokens and cash in on their “cults”