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Bitcoin (BTC/USD) Posts a Six-Week High on Positive News Flow

Bitcoin (BTC/USD) Posts a Six-Week High on Positive News Flow

Nick Cawley, Senior Strategist
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Bitcoin (BTC) Prices, Charts, and Analysis:

  • Will BlackRock’s BTC spot ETF get the SEC seal of approval?
  • Bitcoin eyes $30k and higher.
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Last week’s application by the world’s largest asset manager, BlackRock, for a Bitcoin spot ETF, sent ripples through the cryptocurrency market. While there have been several, unsuccessful, applications made to the SEC for a spot ETF, the very fact that BlackRock’s name is on the SEC filing is seen by some as a signal of growing mainstream acceptance of the cryptocurrency space. According to some media articles, BlackRock’s success rate when applying for ETFs is 575-1, leaving many in the market hopeful that one of the mainstream financial titans will get the thumbs up from the regulator. A spot Bitcoin ETF offers direct exposure to Bitcoin and is different from the already available BTC futures ETF that is tied to the futures market.

BlackRock’s SEC Application

Another layer of positive mainstream news was also announced this week when it was revealed that EDX Markets, a digital asset marketplace backed by a host of Wall Street’s finest, including Citadel Securities, Charles Schwab, and Fidelity Digital Assets, had successfully launched after the completion of a funding round with new equity partners. According to the press release, the company will launch EDX Clearing later this year to settle trades on EDX Markets.

Digital Asset Platform EDX Markets Begins Trading and Completes New Funding Round

After a period of sideways trading, Bitcoin has picked up sharply over the last couple of days and is trading at its highest level in six weeks. The cryptocurrency market has been under pressure over the last few weeks from the regulators with the SEC issuing lawsuits against crypto-giants Binance and Coinbase. This week’s rally has broken the recent negative trend by breaking a series of lower highs, with BTC/USD now eyeing $30k ahead of the April 14 high of $31k. Above here, $32.4k comes into view, a level last seen in June 2022.

Bitcoin (BTC/USD) Daily Price Chart – June 21, 2023


What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.