Jul 2, 2023 11:47 pm | 2 minutes read
Major cryptocurrencies were trading in the green thereafter on Sunday evening Securities and Exchange Commission (SEC) said current bitcoin ETF filings are “insufficient.”
| cryptocurrency | gains +/- | Prize (Recorded at 9:30pm EDT) |
| Bitcoin (CRYPTO: BTC) | +0.47% | $30,779 |
| Ethereum (CRYPTO:ETH) | +1.51% | $1950 |
| Dogecoin (CRYPTO:DOGE) | +1.20% | $0.068 |
What happened: This week is expected to be eventful with several significant economic developments. The June FOMC Minutes will be released on Wednesday. The JOLTs job vacancies report will be released on Thursday, followed by the release of new jobless numbers on Friday.
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Top Gainers (24 hours)
| cryptocurrency | gains +/- | Prize (Recorded at 9:30pm EDT) |
| Connection | +27% | $66 |
| The graph | +19.60% | $0.12 |
| Filecoin | +13.41% | $4.59 |
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At the time of writing, the global crypto market cap was $1.12 trillion, up 0.79% over the last day.
US stock futures showed little change on Sunday night, signaling the start of the second half of a remarkable year on Wall Street. Futures linked to the S&P 500 and Nasdaq-100 traded unchanged.
Learn more: Best Crypto Day Trading Strategies
analyst Remarks: “Bitcoin plunged from $31,000 after the WSJ reported that the SEC said filings for spot bitcoin ETFs were insufficient. The regulator commented on the BlackRock and Fidelity filings,” he wrote Edward MoyaSenior Analyst at OANDA, in a note Benzinga saw.
He adds, “Bitcoin is trading around $30,000, but it needs a new catalyst to spark bullish momentum above $34,000.”
According to crypto analyst Michael Van de PoppeBitcoin is currently experiencing a classic weekend liquidity frenzy. It is crucial for Bitcoin to maintain its price above the $29,800-$29,900 range.
“I would prefer Bitcoin to target $30,750 and start a rally to the top of the range to push liquidity above the highs,” said Van de Poppe.
According to on-chain analyst Willy Woo, the Bitcoin price could potentially surge 10 times its current value. “What would price do if these people invested 5% of assets under management (AUM) in BTC?” asked the analyst.
“My calculations put it at around $310,000 per coin. It would really depend on whether they are used in a down or up phase of the market, but the range would be between $128,000 and $398,000. Right now it’s $310,000.”
continue reading: Jim Cramer advises against using Binance, prompting strong reactions from Twitter users
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