Prices of leading cryptocurrencies dropped in 24 hours, but have increased over the last one week apart from BNB and XRP
Bitcoin declined marginally on Monday but stayed above $30,000. It added nearly 15 per cent on the week as overall market sentiment stayed positive after a number of financial institutions last week showed interest in introducing crypto-related exchange-traded funds (ETFs). Prices of leading cryptocurrencies dropped in 24 hours, but have increased over the last one week apart from BNB and XRP.
Bitcoin shed 1.04 per cent to $30,416, as per CoinMarketCap data. The token has added 15.11 per cent in the past week amid market expectations after several financial institutions showed interest in launching crypto-related ETFs.
Eric Balchunas, senior ETF analyst for Bloomberg, tweeted on Monday that he noted an increase of inflows to the ProShares Bitcoin Strategy ETF (BITO), a Bitcoin futures fund.
The Bitcoin Futures ETF $BITO had its largest weekly inflow in a year as assets top $1bln once more. It also traded half a billion in shares on Friday, which it has only done around 5 times before via @SirYappityyapp, Balchunas stated.
Earlier this month, the world’s biggest asset manager, BlackRock and New York-based asset manager WisdomTree, filed applications with the US Securities and Exchange Commission to launch spot Bitcoin exchange-traded funds.
We believe that the Securities and Exchange Commission will approve Blackrock’s application by September – October 2023 (at the earliest after 45 days) and that the iShares Bitcoin Trust ETF could collect Bitcoin holdings worth $10bln by the end of this year, Markus Thielen, head of research at Matrixport, stated in an statement on Friday.
In Blackrock’s history, the firm has filed 575 ETF applications, with only one being declined. Therefore the approval odds seem to be high, and it would also send a signal from the Securities and Exchange Commission that they are progressive if regulatory requisites are met, he said.
Ether dropped 0.98 per cent to $1,893 in 24 hours, but has advanced 9.83 per cent on the week.
Cardano’s ADA token was the biggest decliner of the day, followed by Dogecoin, with both shedding more than 2 per cent during the past 24 hours but increasing in the past week. Cardano shed 2.33 per cent to $0.2904, but gained 11.58 per cent on the week. Dogecoin declined 2.31 per cent to $0.06609 after advancing 6.6 per cent on the week.
BNB and XRP were the only two tokens among top cryptos to post weekly declines.
BNB dropped 1.33 per cent to $237 in 24 hours, and shed 2.29 per cent during the last seven days, following Binance’s legal fight with the Securities and Exchange Commission for allegedly infringing securities rules.
XRP lost 1.17 per cent to $0.4848 during the last 24 hours, after dropping 1.13 per cent on the week. XRP took a hit after the release of internal Securities and Exchange Commission documents that Ripple had argued could prove the U.S. regulator had wrongly targeted the firm with a lawsuit.
The global crypto market capitalization declined 1.08 per cent to $1.18trln, while crypto market volume dropped 4.34 per cent to $32.06bln in 24 hours.
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