“Crypto Market Sees Uptick as BlackRock Refiles Spot ETF: Analyst Says Traders ‘Impatient’ as Bitcoin Remains Rangebound”


On Monday evening, major cryptocurrencies surged as BlackRock resubmitted its Bitcoin exchange-traded fund (ETF) application to the United States SEC. At the time of writing, the global crypto market capitalization stood at $1.22 trillion, an increase of 1.19% over the last day.

Cryptocurrency gains included Bitcoin (+2.04% to $31,290), Ethereum (+0.48% to $1,954), and Dogecoin (+0.27% to $0.068). The top gainer for the 24-hour period was Global Currency Reserve (+36.33% to $2.99).

According to a Bloomberg report, BlackRock’s new filing includes information that Coinbase, the custodian for the proposed ETF’s Bitcoin holdings, will offer market surveillance to support the ETF. This, coupled with other potential Bitcoin ETF issuers resubmitting their applications, has garnered a positive market sentiment.

The U.S. stock market experienced modest gains on Monday in a shortened session. The S&P 500 closed higher by 0.12%, and the Nasdaq Composite saw a gain of 0.21%. With the upcoming Fourth of July holiday, US markets closed early on Monday and will remain closed on Tuesday.

Edward Moya, a Senior Analyst at OANDA, noted that over the weekend false reports circulated that SEC Chair Gensler was going to resign after an internal investigation. He also added that crypto traders are growing impatient, but it might be a while before they get meaningful news regarding Grayscale’s lawsuit or further Bitcoin ETF clarity.

On-chain analytics firm Santiment has observed that the surge in Bitcoin’s price dominance in 2023 has resulted in an increased focus on the leading cryptocurrency. However, it is essential to also monitor the performance of other assets such as ETH, ADA, XRP, BNB, and more, which are currently receiving less attention.

Ultimately, Jim Cramer advises against using Binance, provoking strong reactions from Twitter users.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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