Bitcoin falls but remains above US$30,000.

 

On Monday afternoon in Asia, bitcoin fell marginally but stayed above US$30,000. After numerous financial institutions expressed interest in launching cryptocurrency-related exchange-traded funds (ETFs) this week, it climbed by about 15% on the week as overall market sentiment remained positive. With the exception of BNB and XRP, the values of Ether and the top ten non-stablecoin cryptocurrencies all fell in a single day.

Bitcoin fell 1.04% to US$30,416 in the 24 hours leading up to 4 p.m. in Hong Kong, according to CoinMarketCap data. The world's largest cryptocurrency has risen 15.11% in the last week, owing to market excitement following the announcement of major financial institutions' interest in launching cryptocurrency-focused exchange-traded funds (ETFs).

According to CoinDesk, the US Securities and Exchange Commision (SEC) approved Volatility Shares of Florida to establish the country's first leveraged Bitcoin futures ETF on Friday. According to the fund's website, the CBOE BZX Exchange will begin trading the "2x Bitcoin Strategy ETF" on June 27. 

According to Eric Balchunas, senior ETF analyst for Bloomberg, who commented on Twitter on Monday, the ProShares Bitcoin Strategy ETF (BITO), a Bitcoin futures fund, has experienced an uptick in inflows.

"The Bitcoin futures ETF $BITO saw its largest weekly inflow in a year as assets surpassed $1 billion once more." It also exchanged $500 million in shares on Friday, something it's only done around 5 times before via @SirYappityyapp" by Eric Balchunas. 

BlackRock, the world's largest asset management, and WisdomTree, located in New York, filed applications with the SEC earlier this month to develop spot Bitcoin ETFs.

"In Blackrock's history, the company has filed 575 ETF applications, with only one being rejected," Thielen remarked. As a result, the approval probabilities are strong, and the SEC would send a signal that they are progressive if regulatory standards are met." 

"We believe the SEC will approve Blackrock's request by September - October 2023 (at the latest after 45 days) and that the iShares Bitcoin Trust ETF could accumulate US$10 billion in Bitcoin holdings by the end of 2023," Markus Thielen, head of research at digital asset service platform Matrix port, stated in an emailed statement on Friday.

Ether, the world's second-largest cryptocurrency, fell 0.98% to US$1,893 in a single day but gained 9.83% over the week.

Dogecoin and Cardano's ADA token have both lost more than 2% in the last 24 hours but gained in the previous week, making them the day's biggest losers. Cardano fell 2.33% to US$0.2904, but gained 11.58% over the week. Dogecoin plummeted 2.31% to US$0.06609 after rising 6.6% in a week. The only two tokens among the top ten non-stablecoin cryptos to post weekly losses were BNB, the native token of Binance, the world's largest cryptocurrency exchange, and XRP, which powers a portion of Ripple Labs' payment and exchange network services. 

Following Binance's legal conflict with the SEC over suspected securities law violations, BNB fell 1.33% to US$237 in 24 hours and 2.29% in 7 days.

XRP fell 1.13% during the week before sliding 1.17% in 24 hours to US$0.4848. The release of internal SEC documents, which Ripple claimed showed the American government had unfairly targeted the company with a lawsuit, prompted a dip in XRP values. In 24 hours, the crypto market volume fell 4.34% to US$32.06 billion, while the global crypto market value fell 1.08% to US$1.18 trillion.