The Coin Monitor 6th July 2023
By Laxmikant Khanvilkar
Virtual digital assets or VDA continue to witness an upbeat mood. Bitcoin (BTC) hit its highest level in 13 months on Thursday and reached $31,500 level, drawing support from fund manager plans, including BlackRock – the world’s largest asset manager – to launch a US-listed spot bitcoin exchange-traded fund (ETF).
BlackRock CEO Larry Fink remarks about crypto, specifically bitcoin, have also boosted investor sentiment. Fink believes that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.
Well! Fink has painted a positive picture for crypto, but fell short of providing an exact time-frame for ETF launch. BlackRock, Invesco, WisdomTree, and others have approached the Securities Exchanges Commission for regulatory approval.
Nasdaq refiled its application to list BlackRocks’s ETF according to a filing made public on Monday.
Interestingly, Bitcoin miners are awash with funds from transaction fees, a multimillion-dollar windfall generated this past quarter due to the popularity of BRC-20 tokens and Ordinals, according to Coin Metrics.
In other news, the Chicago Mercantile Exchange (CME) saw its best June for Bitcoin futures volumes, rising an astounding 28.6% to $37.9 billion. Ethereum-based instruments also saw a hefty rise, per CCData.
Separately, the report also added that less than 10% of bitcoin trading volume occurs on registered US crypto exchanges, with platforms like Coinbase and Kraken losing out on transactional revenue.
The crypto market cap has added just over $10 billion in a day and has gone back above $1.210 trillion on CMC.
Most larger-cap altcoins are slightly in the red on a daily scale, aside from SOL and BCH, both of which have neared round-numbered milestones as well.
U.S. stock futures fell following a losing session on Wall Street, as traders continued to weigh the outlook for Federal Reserve monetary policy.
Futures tied to the Dow Jones Industrial Average lost 153 points, or 0.4%. S&P 500 futures fell 0.4% along with Nasdaq-100 futures.
Bitcoin, the largest cryptocurrency by market value, changed hands 2.12% higher at $31,163.
Ethereum (ETH), the second largest cryptocurrency by market value, recently quoted at $1,941.61, up 1.58%.
Solana (SOL) is up 8.11% at $20.27.
Polygon Matic quoted 1.92% higher to $0.70.
Dogecoin edged 1.65% up at $0.0680
Avalanche AVAX was trading at $13.03, up 2.36%
Ripple’s XRP is gaining 1.01%, at $0.48
BNB has added 1.93% to trade at $242.50
Shiba Inu was trading up by 2.28% at $0.000008
Cardano’s ADA token was higher 2.14% to trade at $0.29
Polkadot was quoting 2.1% higher to trade at $5.31
You need to login in order to Like
