Bitcoin Is Moving Higher Monday: What's Going On?

Bitcoin BTC/USD is trading higher Monday afternoon, pushing back up toward the top end of the range in which it has been trading for the last three weeks. 

What To Know: Bitcoin has been finding support around $30,000 and running into resistance just above $31,000 over the last few weeks after staging a rally in mid-June. 

The crypto market surged last month following the launch of the EDX Markets exchange, which is backed by some big firms including Charles Schwab, Fidelity and Citadel Securities. The market also caught a boost after Blackrock filed for what would be the first spot Bitcoin ETF in the U.S., although the initial application was ultimately turned down. 

Monday morning on CNBC's "Squawk Box," former SEC chair Jay Clayton provided positive commentary on the recent ETF filings.

"The fact that we have these institutions that know markets better than anybody and are saying, you know, we're going to put our reputation behind it, I find that pretty remarkable," Clayton said. 

"If you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard to resist approving a bitcoin ETF."

At the beginning of the month, BlackRock submitted an amended application to the SEC for a spot Bitcoin ETF that included a surveillance agreement with Coinbase Global Inc COIN. If approved, the Bitcoin ETF would allow investors to get exposure to Bitcoin without having to take custody of the asset. 

Check This Out: Buckle Up For The Bitcoin Boom: Could It Go To $50K This Year, $120K By 2024?

Bitcoin Price Action: Bitcoin was up 1.64% over a 24-hour period at $30,722 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.