- Following the leadership of major institutions, Bitcoin, Cardano, Ethereum, and many alternative cryptocurrencies have risen in the US after many major institutions applied for Bitcoin ETFs.
- According to data, the total market value of the crypto market was determined as $1.18 trillion, showing a 4.07% increase compared to the previous day.
- Regarding the price of Bitcoin, if the upward trend continues and there is a breakout, BTC could reach $35,000 and achieve a new annual high.
Will the sharp rise in the price of Bitcoin continue as competition begins in Bitcoin ETF applications and pushes the price above $30,000?
Where is the Target in the Rise of Bitcoin?
Today, both the Total Crypto Market Value and the price of Bitcoin (BTC) have surpassed the relevant correction formations and are approaching new annual highs. Following the leadership of major institutions, Bitcoin, Cardano, Ethereum, and many alternative cryptocurrencies have risen in the US after many major institutions applied for Bitcoin ETFs.
According to data, the total market value of the crypto market was determined as $1.18 trillion, showing a 4.07% increase compared to the previous day. Additionally, the total crypto market volume increased by 20.05% in the last 24 hours, reaching $58.32 billion. The 24-hour volume of DeFi currently accounts for $3.55 billion or 6.09% of the total 24-hour volume of all cryptocurrencies.
The volume of all stablecoins currently stands at $54.31 billion, accounting for 93.12% of the total 24-hour volume of the crypto market.
The price of Bitcoin has surpassed $30,000 for the first time since April 18 and has recorded a 36% annual increase since the date when China predicted BTC to reach zero in June 2022.
As a result of this rally, there have been liquidations on short positions. In the last 24 hours, 62,196 traders have been liquidated, resulting in a total liquidation of $218.43 million. The increase in cryptocurrency prices contributes to the narrowing of the valuation gap between stocks and the DeFi market after the Federal Reserve suspended interest rate hikes.
If there is a breakout, there is a high possibility of a $1.30 trillion increase and a new annual high. If the total market value is rejected, the price could test the $1.05 trillion resistance level and be confirmed as support.
Regarding the price of Bitcoin, if the upward trend continues and there is a breakout, BTC could reach $35,000 and achieve a new annual high. However, if the price is rejected, it is possible for the coin to retest the $27,200 resistance level.
Speculation on Bitcoin ETF with Grayscale, BlackRock, and WisdomTree
Speculation surrounding the possibility of the first Bitcoin ETF being approved in the US has boosted the price of the cryptocurrency market. BlackRock, the world’s largest asset manager, filed an application for a Bitcoin spot ETF with the US Securities and Exchange Commission on June 15.
In particular, BlackRock, an asset management company managing $10 trillion in assets, has made 576 ETF applications and only one has been rejected.
WisdomTree is the latest investment firm to make a new application for a spot Bitcoin ETF, which the SEC has rejected twice. WisdomTree, a New York-based asset management company, manages approximately $90 billion in assets. Another significant asset management fund, Invesco, has reactivated its application for a Bitcoin ETF on the Cboe exchange.
In addition, investment management firm Valkyrie also applied for a Bitcoin ETF on the night of June 22.
Despite recent regulations negatively affecting the prices of Bitcoin and Ethereum, today’s rally is a sign of the upward momentum. The Bitcoin Fear and Greed Index has reached its highest level in the past three months, indicating that investors are more willing to invest in risky assets. The Fear and Greed index is currently at 65, indicating that investors are greedy.
Investors are waiting for additional regulations from the US Securities and Exchange Commission, which creates doubts about the durability of today’s rally.
