Bitcoin Price Holds Above $30K Despite ETF Optimism, More Rate Hikes Predicted


Bitcoin prices dipped in Monday morning trading in Asia but held above the US$30,000 support level. Meanwhile, a JPMorgan report claims that the recent flurry of Bitcoin exchange-traded fund (ETF) applications in the U.S. may not be the game changer that some expect, reducing some of the optimism surrounding ongoing Bitcoin ETF applications by major Wall Street names, including BlackRock.

Most other top 10 non-stablecoin cryptocurrencies also logged losses in the past 24 hours, with the exception of Polygon’s Matic token, which gained 1.15%. This is despite multiple Bitcoin ETF applications in the past month stirring optimism in the crypto market.

A JP Morgan report on Friday suggested that the approval of these ETFs may not prove as transformational as some Bitcoin advocates expect, as similar products have existed in Canada and Europe but received limited inflows. Despite this element of doubt, Bitcoin whales remain bullish on the token. Blockchain data tracker Santiment noted in a tweet that addresses holding 10 to 10,000 Bitcoin had added a further 71,000 Bitcoin totalling approximately US$2.15 billion since July 17.

Justin d’Anethan, head of APAC business development at Belgium-based crypto market-maker Keyrock, said “investors sentiment seems to — still — be slightly bolstered by Blackrock’s CEO Larry Fink’s comment and the prospect that such an openness to the asset class increases the chances of a spot BTC ETF. It’s worth noting that while far off, the pile up of ETF applications hints at the fact that, eventually, we will see one and, once we do, other ETFs like an ETH-denominated one might see the light of day.”

Crypto exchange BingX announced on Saturday that it would support Polygon blockchain’s Indore upgrade, which is likely to take effect from July 11. The exchange, founded in 2018 and headquartered in Singapore, said it provides services in over 100 countries and regions, with over 5 million users.

The total cryptocurrency market cap was unchanged in the past 24 hours at US$1.18 trillion, while crypto trading volume dipped 0.22% to US$19.74 billion, according to CoinMarketCap data.

Related articles

Recent articles