Surprising Factors Propel Bitcoin, Ethereum, and Major Cryptocurrencies
Bitcoin and Ethereum, along with other top cryptocurrencies, have experienced substantial price surges this year. Bitcoin has doubled in value, surpassing $30,000 per bitcoin, resulting in increased prices for other leading coins such as BNB, XRP, Cardano, dogecoin, and Solana. The combined market has witnessed an addition of $300 billion in value. SEC Leak Raises Worries for Crypto’s $100 Billion Price Pump.
BlackRock’s ETF Applications Trigger Speculation
BlackRock, the world’s largest asset manager responsible for approximately $10 trillion in assets, has recently submitted a flood of spot Bitcoin ETF applications. These applications, collectively representing $27 trillion in assets under management, have sparked speculation about increased access to Bitcoin among major financial institutions. Institutions such as Fidelity, JPMorgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are actively working towards providing Bitcoin access.
SEC’s Potential Rejection and Surveillance-Sharing Agreement Concerns
Reports from insider sources indicate that the SEC could potentially reject the flood of spot bitcoin ETF filings. The lack of clarity regarding the “surveillance-sharing agreement” intended to prevent fraud and manipulation by ensuring monitoring of market trading activity, clearing activity, and customer identity has raised concerns within the SEC. The regulatory body has requested that the Nasdaq exchange and the Chicago Board Options Exchange (Cboe) refile the applications with the necessary data.
Market Analysis and Bitcoin Dominance
Bitcoin has maintained stability near its $30,000 range peak, displaying comparative strength against the wider crypto market. Altcoins have experienced modest gains followed by significant pullbacks, with their market, caps approximately 20% lower than previous levels. Notable altcoins such as Solana, polygon, polka dot, and algorand are yet to regain their May levels.
Increased trading activity, indicated by Bitcoin’s open interest reaching $16 billion, has been observed in derivatives data. The option’s open interest reflects a call-to-put ratio of 66% to 34%, with significant interest at the 35,000 and 32,000 call levels acting as resistance if Bitcoin surpasses the $30,000 level. Bitcoin dominance has reached a yearly high of 52%, with Bitcoin outperforming altcoins due to the news surrounding Bitcoin ETFs.
In conclusion, A leak suggests the SEC may reject spot Bitcoin ETF filings, potentially impacting the crypto market’s $100 billion price pump. the leaked information about potential SEC rejections of spot Bitcoin ETF filings has raised concerns within the crypto market. The outcome of these filings could significantly impact the $100 billion price pump witnessed in Bitcoin, Ethereum, BNB, XRP, Cardano, dogecoin, solana, and other major cryptocurrencies. Traders and investors will be closely monitoring the developments in the coming weeks.