TL;DR Breakdown
- Crypto markets have gained bull run momentum, with Bitcoin hovering around $31K.
- The news that Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF) has fueled a crypto jump in stocks.
- Coinbase shares surge on the back of the BlackRock ETF filing.
- The implementation of the Nairobi upgrade at the start of the week puts Tezos (XTZ price) in a bullish state.
Description
Crypto markets have begun to show signs of a proper bull run after one of the worst crypto winters in history. According to reports, Bitcoin has managed another attack on $31,000. This comes as traders hope for further BTC price upside in the coming days. According to CoinGecko, The global crypto market cap today sits … Read more
Crypto markets have begun to show signs of a proper bull run after one of the worst crypto winters in history. According to reports, Bitcoin has managed another attack on $31,000. This comes as traders hope for further BTC price upside in the coming days. According to CoinGecko, The global crypto market cap today sits at $1.23 Trillion, a 0.45% change in the last 24 hours and a 25.32% positive change one year ago.
Additionally, as of today, the market cap of Bitcoin (BTC) is at $596 Billion, representing a Bitcoin dominance of 48.51%. Meanwhile, Stablecoins’ market cap is at $129 Billion and has a 10.52% share of the total crypto market cap. The live price of Ethereum is $1,845.80 per (ETH / USD) with a current market cap of $ 221.84B.
Crypto markets prepare for a bull run
Bitcoin (BTC) has gained 85% in the first half of 2023, significantly outperforming traditional risk assets. After the opening of the Wall Street market on June 27, the crypto markets, led by BTC, retested $31,000 as traders hoped for an upward continuance.
Asset manager Fidelity Investments reportedly prepared a filing to initiate its Bitcoin spot-based exchange-traded fund (ETF) at the start of U.S. trading. Despite failing to replicate the quick increases observed last week, BTC/USD maintained the majority of its gains, with observers optimistic the bulls will prevail.
According to a report by European digital asset management CoinShares, digital asset investment products saw the greatest single weekly inflows in a year last week, following nine consecutive weeks of outflows.
Bitcoin-related products accounted for the majority of inflows, accounting for $188 million, or 94% of the total. According to the data, short-bitcoin products had a total outflow of $4.9 million, marking the ninth straight week of net outflows.
The surge of inflows coincided with a significant rise in bitcoin’s price, as a number of high-profile traditional finance (TradFi) institutions followed BlackRock’s lead in registering for a spot bitcoin exchange-traded fund (ETF). These proposals included re-submissions of previously rejected spot bitcoin ETFs from asset managers such as Invesco and WisdomTree.
The rally in Coinbase stock sets the crypto tone
Bitcoin has so branched out to lag behind altcoins on daily timeframes, with the top ten crypto coins by market cap remaining basically steady. Another ETF success story involved the stock of US exchange Coinbase, which gained 4% at the open to reach one-month highs.
Despite legal pressure from US regulators, Coinbase‘s involvement in the BlackRock ETF continues to harm its reputation. A market analyst argues that “Following news that Coinbase will be the BTC custodian for the world’s largest asset manager, in the case a spot ETF is approved… it’s hard to imagine Coinbase testing anywhere near those lows in the near future.”
Solana, Polygon, and Cardano are still recovering from being labeled securities by the SEC
The market caps of Solana, Polygon, Cardano, and other tokens dragged into court disputes by the Security and Exchange Commission (SEC) have fallen by 15%, or $5 billion.
Both Filecoin and Algorand’s market caps are within 2% of what they were when the lawsuits were lodged. The Cosmos ATOM token must close a 5% gap. Others have not been as fortunate.
Polygon has had the most difficulty recovering from the SEC’s setback. Today, it has a market cap of approximately $6 billion, a 20% decrease from its $8 billion market cap at the beginning of the money. According to Coingecko, the token trades for $0.66 today.
Avalanche (AVAX), despite being one of the largest winners in last week’s bullish rally, has seen its market cap decline by approximately 6% since the lawsuits were filed and is currently worth $4.6 billion. The market cap of Optimism (OP), on the other hand, decreased by 17.5% over the same time period and stood at $855 million at the time of writing.
Tezos price surge on the back of the Nairobi upgrade
Monday saw the implementation of “Nairobi,” the fourteenth update to the Tezos blockchain. This update includes several enhancements, including a substantial increase in transaction speeds, which are now up to eight times faster.
Prior to the Nairobi upgrade, the blockchain was able to execute up to one million transactions per second (tps) after the “Mumbai” upgrade in March.
Even though the XTZ price did not increase this week as a result of the Nairobi upgrade, the weekly time frame indicates a bullish price movement. Despite XTZ falling to a new yearly low of $0.65 on June 10, the currency promptly rebounded.
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