Bitcoin remains steady above $30.1K as investors enjoy BlackRock and other spot BTC ETF filings.

The html contains a news update about the cryptocurrency market. The article mentions that Bitcoin surged over $30.7K before settling near $30K due to the news of multiple spot Bitcoin ETF filings. The article also quotes eToro U.S. investment analyst Callie Cox, who believes that recent filings for spot Bitcoin ETFs have helped to energize the crypto markets. The html also includes a table that shows the current prices of various cryptocurrencies, as well as the S&P 500 and Nikkei 225 indices and gold. The prices are shown in US dollars and as percentage increases or decreases. The table also includes a disclaimer and indicates that the prices were current as of 7 a.m. ET (11 a.m. UTC).Here is the translated HTML:

Blockchain Market Index (CMI)
1,235 +53.7 ▲ 4.5%
Bitcoin (BTC)
$30,139 +1368.5 ▲ 4.8%
Ethereum (ETH)
$1,916 +108.3 ▲ 6.0%
S&P 500
4,365.69 −23.0 ▼ 0.5%
Gold
$1,944 +8.3 ▲ 0.4%
Nikkei 225
33,575.14 +186.2 ▲ 0.6%
BTC/ETH prices per blockchain Indices , as of 7 a.m. ET (11 a.m. UTC)

Bitcoin Returns to Its Perch Above $30K

After weeks of gloom, bitcoin surged for a second consecutive day as investors drew confidence from spot BTC ETF applications by BlackRock and other large asset management firms.

The largest cryptocurrency by market capitalization was recently trading at about $30,140, up nearly 5% over the past 24 hours. BTC last cracked the $30,000 threshold in April.

Bitcoin began rising Tuesday after the long, U.S. Juneteenth holiday weekend as markets more fully digested the impact of the BlackRock filing. Later in the day, spot bitcoin re-filings by Invesco and WisdomTree brightened the mood further, offering the latest evidence of institutional investors’ growing interest in the crypto space even as markets have struggled amid an uncertain regulatory environment, pesky inflation and other macroeconomic woes.

Read More: Invesco Reapplies for Bitcoin ETF, Advocates for More Crypto Investment Products

“There is a wave of optimism in the crypto market now that big institutional players are working to take part in the industry in a big way,” Nihar Neelakanti, the CEO and co-founder of carbon-backed digital collectibles Ecosapiens, wrote in an email to blockchain.

Neelakanti also also noted “rumors” that Fidelity might also apply for an ETF. On Tuesday, a Fidelity spokesperson told blockchain that the firm had not publicly announced any plans to file. Invesco, which has $1.4 trillion in assets under management, filed its application in conjunction with digital asset manager Galaxy Digital. The Securities and Exchange Commission (SEC) rejected WisdomTree’s first spot bitcoin ETF application in 2022.

“These players, among other big names, are obviously going to add a lot of liquidity to the market and make investors more confident to buy bitcoin again,” Neelakanti wrote. “And big institutions partnering with crypto are going to continue to be a catalyst for bitcoin for the foreseeable future, even as the U.S. regulatory situation continues to cause some hardship for the industry.”

Ether enjoyed a similarly upbeat Wednesday to continue its momentum. The second largest crypto in market value was recently changing hands above $1,900 for the first time in three weeks, up more than 6% from Tuesday, same time. Other large cryptos spent the day in deep green territory with ADA and MATIC, the native cryptos of smart contract platforms Cardano and Polygon, each up more than 7%, along with popular memecoin DOGE. The blockchain Market Index , a measure of crypto markets performance, was recently up more than 5%.

US stocks, which had been winning for weeks, experienced a downturn, led by tech stocks. The Nasdaq Composite and S&P 500, both of which are technology-heavy, closed down by 1.2% and 0.5%, respectively. The Hang Seng and Shanghai indexes in Asia opened on a sour note, falling by about 2% and 1.3%, respectively.

Ecosapiens’ Neelakanti believes that traditional finance (TradFi) will take advantage of “regulatory pressure on crypto” to unveil new digital asset initiatives, although he is uncertain about the long-term benefit of these partnerships. He added, however, that every crypto “wave” has drawn new participants.

“The last wave was a lot of retail speculators, and this fits a pattern of how new asset classes develop over time,” he wrote. “You have early believers, then more retail people, and then the third wave of more institutions getting into the fold. We’re starting to see the beginnings of the third wave now. And this wave will include the big institutions, but also 401Ks and other major types of funds like pension funds and university endowments.”

Biggest Gainers

Asset Ticker Returns DACS Sector
Gala GALA +9.6% Entertainment
Decentraland MANA +7.7% Entertainment
Avalanche AVAX +7.5% Smart Contract Platform

Biggest Losers

There are no losers in blockchain 20 today.

Insights

Crypto’s “Crisis of Confidence” and the Rush of Spot Bitcoin ETF Filings

Cryptos have been “going through a crisis of confidence,” yet the past week’s “rush of filings for spot bitcoin ETFs has returned “some excitement” into the markets, especially into “well-known,” quality coins like Bitcoin and Ethereum,” Callie Cox, U.S. investment analyst for social investing platform eToro, told blockchain TV’s “First Mover” program on Wednesday.

“Institutional lenders, where this industry grows, whether you like it or not, that’s the history for many emerging markets,” Cox said. “And the fact that some of the largest issuers in the world are stepping in and saying, ‘we want to offer this product,’ tells you something about pent-up demand, or demand from investors who might not be comfortable trading spot crypto.”

Last Thursday, the iShares unit of fund management giant BlackRock (BLK) filed paperwork with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin ( BTC ) ETF. Earlier this week, investment management companies Invesco (IVZ) and WisdomTree refiled for spot ETFs.

IVZ, which has $1.4 trillion assets under management, is working in conjunction with digital asset manager Galaxy Digital. It first filed for a spot bitcoin ETF in 2021. The Securities and Exchange Commission (SEC) denied WisdomTree’s first application 2022, amid a flurry of rejections.

The surge in institutional interest followed closely after ongoing U.S. regulatory scrutiny seemed to reach new heights earlier this month with SEC lawsuits against exchanges Binance and Coinbase, leaving markets in a funk.

After rising strongly over the first four months of the year, bitcoin, ether and most other major assets inched downward with BTC recently dropping below $25,000 for the first time since mid March as investors contemplated the SEC’s increasing scrutiny, inflation and other macroeconomic uncertainties. But even as the wider environment clouded over, institutional interest has continued to percolate.

Cox sees the ETFs as a positive indicator and believes that the market shares this sentiment. It shows that Wall Street still has faith in certain aspects of cryptocurrency and that Bitcoin is not heading towards a price of zero. However, it is crucial to understand the actual value of these assets.

Important events.

3:30 p.m. HKT/SGT(7:30 UTC) Swiss National Bank Interest Rate Decision

7:00 p.m. HKT/SGT(11:00 UTC) England Monetary Policy Summary

7:30 a.m. HKT/SGT(23:30 UTC) Japan National CPI ex-Fresh Food (YoY/May)

blockchain TV

If you missed it, the most recent episode of “First Mover” on blockchain TV is:

Bitcoin Briefly Tops $29K as Invesco Reapplies for Bitcoin ETF; Jack Dorsey’s Block Bitcoin Wallet Plans

The world’s largest cryptocurrency, Bitcoin (BTC), saw a rally over the past 24 hours after traditional finance firms made moves into the crypto market, indicating a bullish sentiment. Callie Cox, an investment analyst at eToro US, shared her analysis of the crypto markets. Lindsey Grossman, the business lead at Bitkey, Block’s bitcoin wallet, joined “First Mover” to discuss teaming up with Coinbase and Cash App, along with the launch of Bitkey’s external beta sign-ups. Additionally, Axelar CEO and co-founder Sergey Gorbunov shared his reaction to the Uniswap Foundation’s recent bridge assessment report.

Headlines

Bankrupt Hedge Fund 3AC’s Return as a VC Stirring Up Crypto Community : 3AC co-founder Kyle Davies told blockchain that the new entity aims to provide support for projects that are building for a decentralized future, but skeptics have recalled the original firm’s tainted past.

Circle Restarts U.S. Treasury Purchases in BlackRock-Managed USDC Reserve Fund : Circle’s chief financial officer said Wednesday during a company call that repurchase agreements will continue to be part of the reserve fund.

MakerDAO Boosts U.S. Treasury Holdings by $700M to Back DAI Stablecoin With Real-World Assets : The purchase is the latest step to increase the role of real-world assets in the platform’s DAI stablecoin reserve.

‘Storage Proofs’ Touted as Alternative to Hack-Prone Bridges in Multichain World : Starknet will soon go live with storage proofs, a feature that could minimize cross-chain exploits by allowing users to keep their assets on one chain and prove that it’s there on a different chain.

Polygon Introduces AI Interface Powered by ChatGPT to Aid App Developers : The artificial-intelligence interface, called Polygon Copilot, will help developers obtain analytics and insights for their applications on the Polygon blockchain.

Edited by James Rubin.

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