Bitcoin (BTC) has been trading within a narrow range in recent days, but its remarkable 84% rally in 2023 remains a significant achievement.
This impressive recovery in Bitcoin’s price has also contributed to the rise of several altcoins, which have experienced substantial gains from their yearly lows.
As the second half of the year commences, the burning question on every investor’s mind is whether the rally will continue.
Data from CoinGlass reveals that since 2013, July has only seen three negative monthly closes, with the largest decline being 9.69% in 2014.
This indicates that the bulls currently have a slight advantage.
The recent surge in Bitcoin and altcoins can be attributed in large part to the hopes surrounding the approval of a spot Bitcoin exchange-traded fund by the United States Securities and Exchange Commission.
However, any negative news on this front could quickly shift the sentiment to bearish, resulting in a significant sell-off.
At present, Bitcoin and select altcoins are displaying strength. Let’s examine the charts of the top five cryptocurrencies that may sustain their upward movement in the coming days.
Bitcoin’s price analysis indicates that it continues to trade near the strong overhead resistance at $31,000.
This suggests that the bulls are not in a hurry to take profits as they anticipate another upward surge.
Typically, a consolidation near a crucial overhead resistance leads to an upward breakout.
The rising 20-day exponential moving average ($29,278) and the positive relative strength index (RSI) indicate that the path of least resistance is upwards.
If the bulls manage to propel and maintain the price above $31,000, the BTC/USDT pair is likely to initiate the next leg of the uptrend.
This bullish momentum may push the price above the immediate resistance at $32,400, potentially propelling the pair further towards $40,000.
On the other hand, if the bears regain control, they would need to sink the price below the 20-day EMA, potentially leading to a decline towards the 50-day simple moving average ($27,622).
Litecoin’s price analysis reveals that it recently surged above the descending channel and broke the overhead resistance at $106 on June 30, signaling the resumption of the uptrend.
Although the bears briefly pulled the price back below the breakout level on July 1, the bulls quickly bought the dip.
If buyers successfully sustain the price above $106, it increases the likelihood of a continued rally. In that case, the LTC/USDT pair could soar towards the overhead resistance zone between $134 and $144.
However, a slip and sustained price drop below $106 would indicate that bears are selling at higher levels, potentially leading to a decline towards the psychological level of $100 and the breakout level from the channel.
Monero’s price analysis suggests that it rose above the downtrend line on June 23, invalidating the developing descending triangle pattern.
This failure of the bearish pattern often results in a short squeeze, as seen in the XMR/USDT pair’s surge from $150 on June 23 to $171 on June 27.
After the sharp rally, the price has been consolidating between $171 and $160.
This consolidation indicates that the bulls are holding their positions, anticipating another upward move.
If buyers manage to push the price above $171, the pair may initiate the next leg of the up-move, potentially skyrocketing to $187.
However, a drop back below the 50-day SMA ($149) would suggest bearish control.
Aave’s price analysis indicates that the pair has been trading within a descending channel pattern for several weeks.
However, recent price action suggests a change in sentiment, as the bulls are now buying on dips instead of selling during rallies.
The repeated retests of the resistance line weaken it over time. The rising 20-day EMA and the positive RSI indicate an upside bias.
If buyers successfully propel and maintain the price above the channel, the AAVE/USDT pair may embark on a new upward move towards $84.
On the downside, the 20-day EMA serves as crucial support, and a break below it may prolong the pair’s time inside the channel.
Maker’s price analysis reveals that the pair is attempting to start an upward move.
The recent dip to the moving averages between June 24 and 28 indicated demand at lower levels. The rising 20-day EMA and the overbought RSI favor the bulls.
However, the strong selling pressure observed at higher levels suggests caution.
If buyers manage to break above the downtrend line, the MKR/USDT pair may rally towards $979.
On the other hand, a drop below $772 would indicate weakness and potentially lead to a deeper correction towards the 20-day EMA.
In conclusion, Bitcoin and select altcoins are currently displaying strength in their price movements. While Bitcoin is trading near a crucial resistance level, the charts suggest an upward bias.
Litecoin, Monero, Aave, and Maker also show positive signs, but caution is advised as there may be some resistance at higher levels.
Traders and investors should closely monitor these cryptocurrencies to assess their potential for continued upward movement or a shift in market sentiment.
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Venture capitalist Tim Draper has revised his projected timeline for his bitcoin price prediction, acknowledging that his previous forecasts were off.
In a tweet on Friday, Draper revealed that when bitcoin was valued at $4,000, he had predicted it would climb 60 times and reach $250,000 by now.
However, the cryptocurrency ended June below $31,000, prompting Draper to admit that his prediction would take longer to materialize.
He stated that it may now take an additional two years for his $250,000 projection to come true.
Initially, Draper had predicted that bitcoin would reach $250,000 by the end of 2022. However, on December 31, 2022, he acknowledged that his forecast had missed the mark.
Nevertheless, he remained adamant that BTC would reach the predicted level before the halving event in 2024.
With his forecast failing to materialize in December 2022, Draper extended the timeframe for his BTC price prediction by six months, setting a new deadline of mid-2023.
In an interview with the Observer, he confidently declared that if this timeframe also proves unsuccessful, he is certain bitcoin will hit the $250,000 milestone before the end of 2024.
Draper expressed his confidence, stating, “I am almost 100 percent sure I will be right in 18 months.”
Additionally, he believes that increased adoption by women will contribute to the surge in bitcoin’s price beyond his estimate.
However, in his recent tweet, Draper revised his projection yet again. He now believes it may take until the end of June 2025 for bitcoin to reach the coveted $250,000 price point.
Draper has not only focused on price predictions but has also raised concerns about cryptocurrency regulation.
He criticized the U.S. Securities and Exchange Commission (SEC) and its chair, Gary Gensler, for their enforcement-focused approach to regulating the crypto industry.
Draper argued that “regulation by enforcement” is detrimental to the economy and highlighted that such practices are also negatively impacting China.
Despite the delays and challenges, Draper remains optimistic about bitcoin’s future trajectory.
While his previous predictions may not have come to pass, he maintains that BTC will eventually reach the $250,000 mark, albeit with an extended timeline.
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Exchange operator Cboe has resubmitted an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund (ETF) in collaboration with asset manager Fidelity.
Cboe aims to address concerns raised by the SEC regarding the clarity and completeness of its initial filing. The SEC had previously raised similar concerns with Nasdaq over a spot bitcoin ETF filing by BlackRock.
One of the key issues was the failure to disclose the crypto-trading platforms that would enter into surveillance-sharing agreements to detect fraud in the bitcoin markets.
In addition to the Fidelity ETF, Cboe has also resubmitted listing applications for bitcoin ETFs by WisdomTree, VanEck, and a joint effort by Invesco and Galaxy.
Cboe intends to enter into a surveillance-sharing agreement with Coinbase for all these filings.
The SEC, Cboe, Nasdaq, Fidelity, and BlackRock declined to comment on the matter, while Coinbase was unavailable for comment.
It is worth noting that the SEC recently filed a lawsuit against Coinbase for failing to register as an exchange. According to Cboe’s Fidelity bitcoin ETF filing,
Coinbase represented roughly half of the U.S. dollar-bitcoin trading volume in May.
Coinbase has responded by filing a letter in federal court, seeking the dismissal of the SEC lawsuit, arguing that the regulator lacks authority to pursue civil claims since the crypto assets traded on its platform are not considered securities.
In addition to the Coinbase lawsuit, the SEC is also suing Binance, alleging that the world’s largest crypto-trading platform is involved in deceptive practices.
Concerns have been raised about the lack of transparency and auditability in the cryptocurrency market, with claims of rampant manipulation.
The recent filings for bitcoin ETFs by BlackRock and Fidelity have led to a surge in the price of bitcoin, reaching one-year highs and rising over 20% since June 15.
Despite the SEC’s request for more information on the ETF applications, the fact that the price of bitcoin has remained stable suggests that sentiment in the market is not turning bearish.
Analysts believe it was unrealistic to expect quick approval from the SEC, as the agency has previously rejected numerous spot bitcoin ETF applications due to concerns about fraudulent practices and investor protection.
Overall, Cboe’s renewed applications for bitcoin ETFs, along with similar filings by other firms, reflect the growing interest in providing regulated investment vehicles for cryptocurrencies.
However, the approval process still faces regulatory hurdles and the need to address concerns related to market manipulation and investor protection.
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Bitcoin Depot, a leading cryptocurrency ATM company in the United States, has revealed its plans to go public after successfully closing a merger deal.
The merger, facilitated by fintech firm GSR II Meteora Acquisition Corporation, was approved by stockholders on June 30.
The deal, which was reported in August 2022, carried a price tag of $885 million and is expected to enable investors to access Bitcoin Depot on the Nasdaq exchange starting from July 3.
Brandon Mintz, the founder and CEO of Bitcoin Depot, stated that the merger was aimed at supporting various growth opportunities and fostering the widespread adoption of Bitcoin (BTC) in North America.
Investors will have the opportunity to trade Bitcoin Depot shares on the Nasdaq under the ticker symbols BTM and BTMWW for common stock and public warrants, respectively.
This announcement comes at a time when regulatory scrutiny of cryptocurrency firms in the United States is intensifying.
The Securities and Exchange Commission has recently filed lawsuits against major exchanges, such as Binance and Coinbase, accusing them of conducting unregistered securities offerings.
Despite this, investment vehicles that offer exposure to cryptocurrencies are gaining popularity. BlackRock, for instance, filed an application in June to list a Bitcoin exchange-traded fund, indicating growing interest in crypto-related investments.
Bitcoin Depot, established in 2016, has emerged as one of the largest crypto ATM companies in North America, boasting more than 9,130 locations, as stated on its website.
However, the crypto industry is not without its challenges. In May, Bitcoin of America, another ATM provider, announced the closure of its operations in Connecticut due to the state’s Department of Banking asserting that the company lacked the necessary licensing.
With its merger and subsequent public listing, Bitcoin Depot aims to capitalize on its strong market position and expand its operations further.
The company’s commitment to driving Bitcoin adoption aligns with the growing interest in cryptocurrencies and the increasing demand for accessible and user-friendly avenues to buy and sell digital assets.
As Bitcoin Depot makes its debut on the Nasdaq, it will be interesting to observe how this development shapes the landscape of the cryptocurrency industry in the United States.
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A member of the r/CryptoCurrency community, known as r/Vaginosis-Psychosis on Reddit, recently shared their bold investment strategy, claiming to have profited $19,500 or 25% by taking out three personal loans totaling $59,000 to purchase Bitcoin over the past 18 months.
As of now, they hold 2.65 BTC, valued at $80,400, and are optimistic about BTC reaching $100,000 by early 2025.
In a post on June 30 on r/CryptoCurrency, the Redditor explained their approach to acquiring BTC through these risky loans.
The first two loans, acquired in February and June 2022, amounted to $15,000 and $20,000, respectively.
These loans carried fixed annual percentage rates (APR) of 6% and 4.9% with monthly payments of $225 and $326.
The third loan, obtained in June 2023, was worth $24,000 with a fixed APR of 8% and monthly payments of $405.
According to the Redditor, they have already paid off the $15,000 loan in May and made a $3,500 payment on the second loan.
Their plan is to focus on repaying the most recent loan due to its higher APR. Including interest paid, their average acquisition cost for BTC is around $24,000 or $22,264 without considering interest.
The Redditor justifies their investment strategy by highlighting their belief in the declining value of the US dollar.
They aim to repay the loans using the potentially inflated dollars they earn from their job.
Expressing confidence in Bitcoin’s future, they anticipate its price to reach approximately $100,000 per coin within 18 months.
With over 500 comments on the post, opinions are divided. While some express support for the idea, others caution against the risks associated with this approach.
One top comment with 457 upvotes argues that taking out loans for crypto investing is a horror story, citing survivorship bias and emphasizing the calculated nature of the Redditor’s risk.
The Redditor provides additional context, revealing that they are single with no dependents and earn an annual income of around $60,000.
They have affordable rental arrangements and are willing to invest 25–30% of their income into BTC each month.
The main risks they face include a significant crash in BTC price without recovery in the coming years and the potential loss of holdings due to hacking if they keep their assets in a hot wallet.
Sustaining employment is crucial for them to continue repaying the loans.
Despite the risks, some commenters encourage the Redditor, highlighting the potential life-changing outcome if their investment pays off.
They view the calculated risk as worth taking, even if the BTC price fails to exceed $35,000 for several years.
It is important to note that taking out loans to invest in cryptocurrency carries significant financial risks and should be approached with caution.
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The United States Bankruptcy Court for the Southern District of New York has granted approval for Celsius Network, a bankrupt cryptocurrency lender, to convert its altcoins into Bitcoin.
The decision was made by Judge Martin Glenn, and the liquidation process will pave the way for the distribution of funds to creditors in the near future.
The approval of this proposal came after extensive discussions between Celsius and the U.S. Securities and Exchange Commission (SEC).
According to the ruling of the bankruptcy judge, the struggling lender is now authorized to sell or convert any cryptocurrency assets, with the exception of tokens associated with Withhold or Custody accounts, into Bitcoin (BTC) or Ether (ETH) starting from July 1, 2023.
Celsius Network faced bankruptcy in 2022 following the collapse of the Terra ecosystem, which affected its Terra (LUNA) and TerraUSD (UST) tokens.
Creditors have been awaiting a resolution since the bankruptcy filing several months ago, and this recent approval opens up new possibilities and extends the ongoing proceedings.
In light of the recent regulatory crackdown by the SEC on altcoins, which the regulator has categorized as securities, many cryptocurrency companies are opting to convert their altcoins into BTC and ETH.
Notable altcoins that have been labeled as securities by the SEC include Cardano.
Despite the ongoing bankruptcy proceedings, Celsius Network was acquired by the crypto consortium Fahrenheit in May 2023.
Under the stewardship of its new owners, the network continues to operate.
The new owners have announced their intention to develop a revised bankruptcy plan, although specific details of these plans have not yet been disclosed.
However, it is now clear that the assets will be exclusively distributed in Bitcoin and Ether.
Following Celsius Network’s bankruptcy, other companies in the cryptocurrency industry, such as Voyager Digital and FTX, have also faced financial challenges.
As a result, they have been exploring unique strategies to address the demands of their creditors for reimbursement.
In summary, the United States Bankruptcy Court’s approval for Celsius Network to convert its altcoins into Bitcoin marks a significant step towards resolving the lender’s bankruptcy proceedings.
With the involvement of the SEC and the acquisition by Fahrenheit, the network is now moving forward under new ownership and is expected to distribute its assets in BTC and ETH.
This development reflects a broader trend in the industry as crypto companies grapple with regulatory concerns and seek solutions to address creditor demands.
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The launch of a spot Bitcoin exchange-traded fund (ETF) in the United States may face a longer delay as recent applications from investment managers have been deemed inadequate by the Securities and Exchange Commission (SEC).
The SEC has notified the Nasdaq and the Chicago Board Options Exchange (Cboe), representing asset managers, that their filings lack clarity and comprehensiveness.
The main concern raised by the SEC is the absence of a “surveillance-sharing agreement” with a spot Bitcoin exchange or insufficient details about surveillance arrangements.
However, the asset managers have the option to resubmit their applications after providing the necessary clarifications.
Following BlackRock’s inclusion among the companies aiming to launch the first spot Bitcoin ETF on Wall Street, a series of applications have been filed in recent weeks.
BlackRock’s application introduced a surveillance sharing agreement, which involves sharing information about market trading and clearing activities between entities to prevent potential market manipulation.
This move prompted ARK Invest and 21Shares to amend their own applications, including a similar surveillance agreement.
Other asset managers such as Invesco, WisdomTree, Valkyrie, and Fidelity have also resubmitted or amended their applications, with ARK Invest reportedly leading the race.
Exchange-traded funds (ETFs) are investment vehicles that track specific indices and are typically traded on exchanges.
In the cryptocurrency market, a cryptocurrency ETF refers to a fund that tracks the price of one or multiple digital tokens and comprises various cryptocurrencies.
The SEC has consistently denied spot Bitcoin ETFs since 2017. However, Canada has already made this financial product available.
Three notable funds—Purpose Bitcoin, 3iQ CoinShares, and CI Galaxy Bitcoin—have directly invested in spot Bitcoin in Canada.
In summary, the launch of a spot Bitcoin ETF in the United States is likely to experience a delay as the SEC has deemed recent applications inadequate due to a lack of clarity and comprehensive information.
Asset managers have the opportunity to rectify the filings and resubmit them after addressing the SEC’s concerns.
While spot Bitcoin ETFs have been denied by the SEC since 2017, Canada has already approved and offers several funds that directly invest in spot Bitcoin.
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Bitcoin (BTC) experienced a sharp decline below the $30,000 mark after the opening of Wall Street on June 30, causing concern among investors regarding the future of the first spot exchange-traded funds (ETFs) for the cryptocurrency.
The drop in BTC’s price was accompanied by reports that the U.S. Securities and Exchange Commission (SEC) had rejected applications for the first Bitcoin spot-price ETF.
These applications had initially fueled a recent price surge that propelled Bitcoin to new yearly highs.
According to sources cited by The Wall Street Journal, the applications had been returned, leading BTC/USD to hit a nine-day low before recovering to hover around $30,000.
The report highlighted that the applications were rejected due to a technicality – the failure to name the spot bitcoin exchange and provide sufficient information about surveillance-sharing agreements.
Despite the setback, some market observers viewed this as a minor issue that could be addressed by updating the language and resubmitting the applications.
In fact, financial commentator Tedtalksmacro saw the SEC’s actions as a positive sign, suggesting that it provided guidance to asset managers like BlackRock on how to get the applications approved.
Meanwhile, Bitcoin’s price continued to trade lower, losing over $1,000 from its daily highs at the time of writing.
This decline occurred just before the monthly and quarterly candle close, adding to the significance of the situation.
Adding to the confusion in the markets, the U.S. macroeconomic data released showed the Personal Consumption Expenditures (PCE) Index falling lower than expected, marking its biggest drop in a year.
Despite signs of slowing inflation, the markets began pricing in a higher possibility of interest rate hikes in July.
The increasing expectations of a rate hike were reflected in the latest data from CME Group’s FedWatch Tool, which indicated a nearly 90% chance of a 25-basis-point increase.
The Kobeissi Letter, a financial commentary resource, argued that despite the data, inflation remained too high, highlighting that the core PCE inflation rate had remained unchanged since December 2022 at 4.6%, posing a significant challenge for the Fed.
In summary, Bitcoin experienced a price drop below $30,000 due to reports of the SEC rejecting applications for Bitcoin spot-price ETFs.
However, market observers remained optimistic, considering the rejection to be a technicality that could be addressed.
Additionally, the markets faced confusion with lower-than-expected PCE data and rising expectations of interest rate hikes, despite concerns about high inflation levels.
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The United Kingdom is on the verge of passing a bill that will subject cryptocurrencies to the same regulations as traditional assets, signaling a significant milestone for the local crypto community.
This legislation, known as the Financial Services and Markets Bill, has received approval from the upper chamber of the U.K. parliament on June 19 and is now awaiting King Charles’ royal assent, the final step required for a parliamentary bill to become law.
Discussions surrounding the bill began in the British Parliament back in July 2022, and its enactment is expected to bring about legal clarity and support the wider adoption of cryptocurrencies in the country.
Under the new law, the Treasury, Financial Conduct Authority (FCA), Bank of England, and Payments Systems Regulator will be granted the authority to establish and enforce regulations for crypto businesses.
The introduction of this legislation reflects the U.K.’s ambition to leverage the advantages of blockchain technology for the private sector and the overall economy.
Andrew Griffith, the economic secretary to the U.K. Treasury, expressed the country’s desire to enable firms to fully utilize the opportunities presented by crypto assets through appropriate regulatory measures.
The long-term vision is to create an environment that allows businesses to maximize the potential benefits derived from cryptocurrencies.
Furthermore, this regulatory framework could serve as a catalyst for attracting more crypto firms to the U.K., particularly in light of the increasingly stringent regulatory environments observed worldwide.
A recent example is venture capital firm Andreessen Horowitz (A16z), which announced the establishment of its first office outside of the United States in London.
This decision followed productive discussions with the U.K. prime minister, policymakers, and the FCA, with the firm’s crypto founder and managing partner, Chris Dixon, highlighting the appeal of a predictable business environment as a key factor behind the expansion.
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By bringing cryptocurrencies under the same regulatory framework as traditional assets, the new law aims to provide legal clarity and foster the growth of the crypto industry.
This move positions the U.K. as an attractive destination for crypto firms seeking a supportive regulatory environment, potentially paving the way for further advancements in the adoption and utilization of cryptocurrencies in the nation.
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The Chicago Mercantile Exchange (CME) Group revealed its intention to launch Ether/Bitcoin Ratio futures on June 29.
The introduction of these futures contracts is scheduled for July 31, pending regulatory approval.
The settlement of Ether/Bitcoin Ratio futures will be in cash, determined by the final settlement price of CME Group’s Ether (ETH) futures divided by the final settlement price of CME Group’s Bitcoin (BTC) futures.
Additionally, this new contract will follow the same listing cycle as CME Group’s Bitcoin and Ether futures contracts.
Giovanni Vicioso, CME Group’s global head of cryptocurrency products, highlighted the potential for relative value trading opportunities between Ether and Bitcoin.
While these assets have traditionally exhibited a strong correlation, their market dynamics may now differ, enabling investors to capitalize on their performance variances. Vicioso stated:
“By introducing Ether/Bitcoin Ratio futures, investors can gain exposure to both ether and bitcoin in a single trade without taking a directional view.
This new contract will facilitate opportunities for a wide range of clients seeking to hedge positions or execute various trading strategies, all in an efficient and cost-effective manner.”
CME Group initially entered the cryptocurrency market in December 2017 by launching the first Bitcoin futures contract.
In February 2021, they expanded their offerings by introducing an Ether futures contract. Recognizing the growing demand for cryptocurrency investment opportunities, CME Group further broadened its product range in 2022 with the introduction of micro BTC and ETH futures contracts, providing traders with additional options to engage in these digital assets.
On April 17, CME Group unveiled plans to enhance its cryptocurrency options by introducing new options for standard and micro-sized Bitcoin and Ether contracts.
These contracts were expected to be available from May 22, pending regulatory review.
This expansion included daily expiries from Monday to Friday, allowing traders to better manage short-term price risks associated with Bitcoin and Ether.
The aim was to provide market participants with increased precision and flexibility in managing the short-term price volatility of these digital assets.
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