Bulls In Law-Suits. -Crypto Market Review (18–24/06/‘23).
Hi there,
Towards the end of the week, we saw green candles form after the news of Binance’s settlement broke out. The realization that this was just another baseless FUD, as CZ calls them, crypto twitter was already in a celebratory mood, just waiting for more bullish news to follow.
And indeed it came. News of BlackRock’s ETF application, found it’s way online, serving as the final push for the green sticks to form.
Coin Talk.
In shocking awe, sleeping giant BTC hit an ATH (+$31k) for this year. This came following the talks of bullish expectations in some quarters. BlackRock, WisdomTree, and other fund managers have created a sense of positive confidence in the market using their spot application. Of course, when Bitcoin leads, others follow. ETH, LTC, DOT, and ADA we’re all fellow gainers, gaining over 10% during the trading week.
DeFi this week.
According to data from DeFi Llama, an additional $~3Bn was added into the TVL in projects in the DeFi sector. This resulted in a/n ~6% up from the previous week. This shows that the week was also going fine for the DeFi space top players, with Lido, MakerDAO, Aave, and Uniswap leading the $44Bn industry, responsible for over 65% of the entire industry’s worth.
News and events.
The most trending news in the crypto space now is Binance’s settlement with the SEC, and the BlackRock BTC ETF spot application.
Binance vs SEC.
It isn’t news that Binance has been under pressure from the SEC lately, as Gary Gensler’s office accused the exchange of breaking financial “securities” regulations.
In a tweet posted this past Thursday, CZ revealed that although the SEC had used “misleading words” to describe situations, they have still been able to shake the SEC off their backs, and agreements have been reached between both parties. This helps build investors’ confidence in Binance as a pillar for crypto.
BlackRock ETF application.
Popular fund managers, BlackRock, has recently filed for a spot on BTC EFT.
For those who don’t know, ETF commodities are “elements” of equal value to a commodity, which corporate spot traders can buy. With its BTC ETF spot application, BlackRock is trying to invest in Bitcoin’s price, without having to hold $BTC (read more on ETF’s here:- etf link).
BlackRocks’ application has sparked conversations, as people have tried to make sense of the timing of the application, with regards to the SEC and Binance issue. However, at least two more (WisdomTree, and Invesco) investment companies have followed in BlackRock’s stead, ultimately sending bullish chills up the spines of the crypto market.
The effect of these motions can be seen in the price pump BTC has after the news went public.
JP Morgan Chase is expanding the utilities for its JPM coin.
JP Morgan Chase is one of the traditional financial institutions that is leading the adoption of crypto methods to provide services for customers. The JPM token although only available to institutional traders for use, is a news that many have taken with great feeling. Involvement in crypto by such giant entities will have a significant influence in expanding crypto adoption. Read more here.
In a general overview, crypto enjoyed a relatively good week. As BTC has begun to generate interests, it is a sign that crypto is gradually becoming interactive again. Highlight of the week being the expectations for more percentage run in BTC and other cryptocurrencies.
One would ask, “Is this be the “mini-bull run” we have been waiting for?” and “Are the bulls back?”.
