Soaring Bitcoin, a short break above $ 30,100 ─ Investors pay attention to ETF outlook and macroeconomic data | CoinDesk JAPAN | CoinDesk Japan

Bitcoin (BTC) rose for a second straight day after asset management giant BlackRock filed for a Bitcoin exchange-traded fund (ETF), but is now taking a break.

Financial services giants apply for bitcoin ETFs one after another

Bitcoin is around $30,180 at the time of this writing, and 24 hours ago three companies, including BlackRock, applied for Bitcoin ETFs, boosting investor optimism. Since then, prices have hardly moved.

Bitcoin temporarily fell to around $29,575 on the morning of the 22nd after crypto asset custody company BitGo announced it was canceling the acquisition of rival Prime Trust. Although the steady rise throughout the week stopped, it soon recovered to the high level.

Central bank trends also have an impact

Edward Moya, senior market analyst at forex giant Oanda, tells CoinDesk growing concerns about central bank measures to curb inflation and its impact on the economic expansion Among them, he emphasized that recent crypto assets have momentum.

“With central banks around the world entering a new phase of tightening, Wall Street is becoming a little more pessimistic about global growth prospects. indicate. But he cautiously suggested that the current upward trend in crypto assets may be waning.

“Bitcoin will need to lead the rally faster in the coming days for the momentum buying to begin.”

Major crypto assets rise across the board

Ethereum (ETH) also moves in the same way as Bitcoin. The price dropped around the announcement of BitGo’s cancellation of the acquisition, but then rebounded to around $1,900, the highest since early June, which was recorded on the 21st. Ethereum is up a few percent recently.

Many of the other major crypto assets also rose, albeit less dramatically than the day before. Cardano (ADA) and Polkadot (DOT) rose more than 2% and 1%, respectively.

The CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market, rose 0.2%.

U.S. stock indices were mixed, with the tech-heavy Nasdaq Composite and S&P 500 gaining 0.8% and 0.2% respectively, while the Dow Jones Industrial Average fell slightly. Investors seem to have ignored the Bank of England’s announcement of his massive 0.5% rate hike while other central banks took a dovish stance. Inflation in the UK remained high at 8.7% in May.

The crypto market also appears to be largely unaffected by the hawkish comments of Fed Chairman Jerome Powell, who reiterated his intention to raise interest rates later this year. Earlier this month, the Fed halted its rate hikes after more than a year. Meanwhile, the latest data on unemployment claims, released each week, came in just a few thousand more than expected and had little impact on the market.

ETF application could change the game

“Just a week or so ago, we all realized A change of scenery that is likely to move the digital asset industry forward in a way it never was before,” he told CoinDesk.

“It is almost certain that a Bitcoin ETF will be approved, either by one of the applications by BlackRock or others,” Baxley said. It is clear,” he said. It will also be interesting to see how Ethereum performs in the coming months, he said.

Baxley said there is a tremendous amount of energy in the Ethereum ecosystem given the sheer amount of developer activity being poured into the ever-growing number of features. of new applications and Layer 2 are being built at breakneck speed.”

｜Translation: coindesk JAPAN
｜Editing: Rinan Hayashi
｜Image: Bitcoin daily chart (CoinDesk Indices)
｜Original: Bitcoin Bobbles, Then Returns to Perch Above $30.1K as Investors Weigh ETF Prospects, Macroeconomic Data