BITCOIN PRICES, CHARTS, AND ANALYSIS:
- Will BlackRock’s BTC spot ETF get the SEC seal of approval?
- Bitcoin eyes $30k and higher.
The world’s largest asset manager, BlackRock, applied for a Bitcoin spot ETF last week, which caused a stir in the cryptocurrency market. The mere fact that BlackRock’s name appears on the SEC filing is viewed by some as a sign of growing mainstream acceptance of the cryptocurrency space, even though there have been numerous unsuccessful applications to the SEC for a spot ETF. BlackRock’s success rate when requesting ETFs, according to some media reports, is 575-1, giving many in the market hope that one of the major mainstream financial titans will receive regulatory approval. A spot Bitcoin ETF, which differs from the currently accessible BTC futures ETF that is linked to the futures market, provides direct exposure to Bitcoin prices.
The completion of a funding round with new equity partners allowed EDX Markets, a digital asset marketplace backed by a who’s who of Wall Street heavy hitters like Citadel Securities, Charles Schwab, and Fidelity Digital Assets, to successfully launch. This was another layer of good mainstream news this week. The company will introduce EDX Clearing later this year to settle trades on EDX Markets, according to the press release.
Following some sideways trading, Bitcoin has recently accelerated and is currently trading at its highest level in six weeks. Regulators have been exerting pressure on the cryptocurrency market in recent weeks, filing lawsuits against industry heavyweights Binance and Coinbase on behalf of the SEC. By shattering a string of lower highs, this week’s rally has reversed the recent downward trend, and BTC/USD is now eyeing $30k ahead of the $31k high reached on April 14. Above this point, $32.4k, a level last reached in June 2022, is visible.
BITCOIN (BTC/USD) DAILY PRICE CHART – JUNE 21, 2023
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Several digital assets in the constantly changing world of cryptocurrencies have caught the interest of both investors and enthusiasts. Let’s examine the prices of some well-known cryptocurrencies in more detail today.
The price of XRP, the digital currency linked to Ripple, varies according to investor sentiment and market demand. In a similar vein, Dogecoin, a cryptocurrency that was first developed as a meme, has grown significantly in popularity. Shiba Inu, another meme-inspired token, has experienced significant price volatility recently.
The next cryptocurrency is Ethereum, which has become a popular platform for decentralised programmes and smart contracts. Its price has fluctuated between highs and lows, illustrating the market’s dynamism. The first cryptocurrency ever created, Bitcoin, is still a dominant force today, and its price has an impact on the entire cryptocurrency ecosystem.
The silver to Bitcoin’s gold, Litecoin, has also carved a niche for itself in the cryptocurrency world. Like other digital assets, its price is influenced by investor sentiment and market dynamics.
It is crucial to remember that cryptocurrency prices are extremely volatile and subject to quick changes. A number of factors, including market demand, governmental changes, and technological advancements, can affect these prices. Therefore, before making any investment decisions in the cryptocurrency space, investors must carefully research the market and exercise caution.