Cryptocurrency traders see the glass as half full, estimating that sooner or later SEC will give the green light for a spot bitcoin ETF in the US.
The recent roadblock to BlackRock’s application for a BTC ETF caused temporary pressure on the price of the -largest-cap cryptocurrency.
But since more and more investment giants are increasingly welcoming the entry into blockchain technology, expectations for even better days in the second half are growing.
In fact, there are more than a few, as reported in Coindesk, who expect a new bull market when SEC gives the first approval, with the price of Bitcoin climbing to $34,000.
Significant developments are expected from July 13 onwards, when the trial of Sec’s lawsuit against Coinbase begins.
The rebound in the crypto market after the FTX fiasco
After the FTX “cannonball” in late 2022, the crypto market managed not only to recover losses and get back on its feet in the first half of 2023 but also to achieve significant price expansion.
In fact, when Fidelity and BlackRock applied for spot ETFs in BTC, the price of Bitcoin soared to over $31,000, with its total value jumping 80% since the beginning of the year.
Close behind is Ethereum, whose value jumped 61% in the January-June 2023 period. Among altcoins, Litecoin also stands out, which despite the transient losses of the last 24 hours, remains firmly above the $100 mark – when last week it was trading between $84 – $88.
How the “whales” and “humpbacks” brought Ethereum and LiteCoin to the forefront
Both the “whales” and the “humpbacks” of Bitcoin, who took advantage of BTC’s limited “market depth”, made sure to keep the price above $30,000, pushing many traders to turn their attention to both Ethereum and LiteCoin.
Typical is the case of MicroStrategy, the institutional investor with the largest exposure to Bitcoin, which bought more than 12,000 BTC in the last two months, accumulating in its portfolio more than 152,000 crypto tokens, worth more than $4.5 billion.
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