Big NewsLeak Reveals SEC May Be Close To Blowing $100 Billion Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana And Litecoin Cryptos Price Pump

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Update 07/03 below. This article was originally published on July 1

BitcoinBTC, Ethereum, and other major cryptocurrencies have skyrocketed this year due to a myriad of different surprising factors.

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The price of bitcoin doubled from its lows in late 2022, soaring to over $30,000 per bitcoin and driving the price of the other top ten coins BNBBNB, XRPXRP, cardano, dogecoin and solana. The push saw $300 billion added to the combined market this year.

Today, the world’s largest asset manager, BlackRockBLK, which manages approximately $10 trillion on behalf of its clients, unleashed a flood of spot Bitcoin exchange-traded fund (ETF) applications in United States which, combined, total $27 trillion in assets under management.

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MORE FORBES Bitcoin and Ethereum $4 Trillion Boom Revealed by Crypto Price Prediction ‘Seasonal Surge’By Billy Bambrough

The crypto market has been ignited by BlackRock’s demand for a spot traded bitcoin exchange… [+] funds (ETF), increasing the price of bitcoin, ethereum, BNB, XRP, solana, cardano and dogecoin.

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“Many of the largest financial institutions in the United States are actively working to provide access to bitcoin and more,” CoinShares Chief Strategy Officer Meltem Demirors said on Twitter, alongside a list of financial institutions including Fidelity, JPMorgan, Morgan Stanley MS, Goldman Sachs, BNY. Mellon, InvescoIVZ and Bank of AmericaBAC.

Fidelity is the latest financial giant to enter the race to be the first to market a full-fledged bitcoin spot ETF on Thursday by filing paperwork with the U.S. Securities and Exchange Commission (SEC) for the so-called Wise Origin Bitcoin Trust it first offered in 2021.

Update 3/7: The SEC may be on the verge of rejecting the recent flood of bitcoin spot ETF filings, according to a Wall Street Journal report, which cites sources familiar with the matter who leaked the information to the log.

According to the head of the logs leak, SEC officials believe the apps, led by BlackRock, aren’t clear enough about how they will handle a “surveillance sharing agreement,” designed to deter fraud and corruption. manipulation by ensuring that the fund issuer monitors market transactions. the activity, the clearing activity and the identity of the client.

The SEC reportedly informed the Nasdaq stock exchange and the Chicago Board Options Exchange (Cboe), representing the asset managers, that the filings are not clear and complete enough and asked them to refile the applications with the correct data.

“Crypto markets had another positive week, with bitcoin stabilizing near its high of $30,000,” said Rachel Lin, founder of decentralized derivatives SynFutures, in comments via email.

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MORE FROM FORBESIMF Suddenly Switches to Crypto as Wall Street Fuels $200 Billion Bitcoin, Ethereum and Crypto Price RallyBy Billy Bambrough

The price of bitcoin has exploded this year but remains well below its 2021 peak. Ethereum and others… [+] major coins BNB, XRP, cardano, dogecoin, litecoin and solana also soared in 2023.

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“Bitcoin’s benchmark performance against the broader crypto market has strengthened, with no signs of a reversal. Meanwhile, altcoins posted modest gains last week, followed by a larger pullback this Bitcoin is trading near its mid-term highs, while the market caps of most altcoins are around 20% lower Major altcoins like solanaSOL, polygonMATIC, polkadot and algorandALGO are yet to recover to their levels of May.”

Lin pointed to derivatives data that showed increased trading activity, with bitcoin open interest reaching $16 billion. Options open interest indicates 66% call to 34% sell, with greatest interest at the 35,000 and 32,000 call levels, acting as resistance if bitcoin breaks above the level. $30,000.

“Bitcoin’s dominance hit a new yearly high of 52%. Bitcoin looks stronger than altcoins on the charts, even ethereumETH, which previously held up well against bitcoin, is faltering,” Lin said, adding that “Bitcoin’s outperformance was largely driven by bitcoin ETF news.”

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