In the rest of the market, the rises of Dogecoin (3.1%), Ripple (1.5%) and Solana (1.4%) stand out. While, the most pronounced drops respond to Litecoin (-1.6%) and Binance Coin (-1.4%).
The cryptocurrencies They operate with profits this Tuesday, July 4, and Bitcoin rebounds 1.2% in the last 24 hours and climbs back above $31,000. For his part, ethereum it falls 0.35% after approaching its key level at US$2,000 and holds at US$1,955.
In the rest of the market, the rises of Dogecoin (3.1%), Ripple (1.5%) and Solana (1.4%) stand out. While, the most pronounced drops respond to Litecoin (-1.6%) and Binance Coin (-1.4%).
BlackRock revives Bitcoin
BlackRock is once again the main culprit behind the latest rally in the leading cryptocurrency. In the closing stages of this past Monday, the Nasdaq stock market filed a new application with the Securities and Exchange Commission (SEC) to list the bitcoin exchange-traded fund (ETF). proposed by BlackRock after initial rejection by the regulator. The new product proposed by the Nasdaq and Larry Fink’s manager named Coinbase as the lead partner in a “shared watch” deal to prevent market manipulation.
The news pushed bitcoin to an intraday high of $31,377, very close to the yearly high of $31,389.54 recorded on June 23. The new request by BlackRock and Coinbase closely resembles the one registered yesterday by Fidelity, which also designated Coinbase as its partner to avoid manipulation, or that of the Chicago Board Options Exchange (CBOE) and ARK Investment Management., which also included an anonymous cryptocurrency platform in the agreement. Market watchers believe that, again, it could be Coinbase.
It should be remembered that The Wall Street Journal reported last Friday that the US regulator rejected requests from BlackRock, Invesco, Fidelity and other companies to create a spot bitcoin ETF because the SEC understood that the presentations of these products were not “clear and complete”.
What do analysts expect?
“Enthusiasm for bitcoin is growing, fueled by efforts to revive applications for spot bitcoin ETFs. Its dominant presence in the cryptocurrency market is becoming more apparent, constituting almost half of the market capitalization of 1, 2 trillion dollars in the industry, the most dominant it has been in more than two years,” said Rachel Lin, CEO and co-founder of SynFutures, in statements collected by the ‘CoinDesk’ media.
Since BlackRock’s intentions were first known, bitcoin rose more than 25% in just over two weeks. Many experts such as Bernstein’s believe there is “a lot of chance” that BlackRock will get the regulator to back down and give the green light to such a product after a decade of refusals. Fink’s manager’s record with the SEC (the regulator has only vetoed one application from the company in its entire history) or a possible legal defeat of the supervisor before Grayscale, are some of the reasons to think that BlackRock will get away with it. hers.
For his part, Joe DiPasquale, CEO of BitBull Capital, believes that the cryptocurrency may be testing the support zone between $27,000 and $29,000. If so, we could see further declines in the altcoin space ralliing on Monday. “Some of the sentiment shifted towards them, as ETH has shown signs of wanting to test $2,000,” adds this expert, who believes that investors would do well to “remain cautious” in the face of “sustained bullish momentum.”
Source: Ambito
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