Bitcoin Remains Above USD 30,000; ETF optimism fades; further rate hikes expected

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Bitcoin dipped in Monday morning trading in Asia but held above the US$30,000 support level. Ether fell slightly along with most of the other top 10 non-stable cryptocurrencies as anticipation of further interest rate hikes in the US reduces risk appetite in the markets. Meanwhile, a report from JPMorgan claims that the recent surge of bitcoin exchange-traded fund (ETF) apps in the US may not be the game-changer some expect. This dampens some of the optimism surrounding ongoing Bitcoin ETF applications by major Wall Street names, including BlackRock.

Cryptos Fall as ETF Hype Cools

Bitcoin fell 0.32% in the past 24 hours to hit US$30,157 as of 7:40 a.m. HK to post a weekly loss of 1.33%, according to data from CoinMarketCap. The world’s leading cryptocurrency traded in the lower US$30,000 range over the weekend.

Ether edged down 0.09% to US$1,862 and was down 3.71% for the week.

Most of the other top 10 non-stable cryptocurrencies also posted losses in the past 24 hours. The exception was the Polygons Matic token, which gained 1.15% to US$0.6876. It added 1.07% over the past seven days.

While several Bitcoin ETF apps over the past month have sparked optimism in the crypto market, their approval may not prove as transformative as some Bitcoin proponents expect, according to a report from JP Morgan on Friday. Similar products have existed in Canada and Europe, but have received limited entries, according to the report.

Despite this element of doubt taking hold, Bitcoin whales remain bullish on the token. Blockchain data tracker Santiment noted in a tweet on Sunday that addresses holding 10-10,000 bitcoins added an additional 71,000 bitcoins for a total of around $2.15 billion since July 17.

Investor sentiment seems further bolstered by comment from Blackrocks CEO Larry Finks and the prospect that such an openness to the asset class increases the odds of a spot BTC ETF, said Justin dAnethan, head of the APAC business development in the Belgian crypto market. Keyrock manufacturer.

The story continues

It’s worth noting that while far and wide the stack of ETF apps hints that eventually we’ll see one and once we do, other ETFs like ETH-denominated may emerge, a added fromAnethan.

Crypto exchange BingX announced on Saturday that it will support the Indore upgrade of Polygon blockchains, which it claims will improve the performance of the Polygon network. The move is expected to take effect from July 11.

Founded in 2018 and based in Singapore, BingX said it provides services in more than 100 countries and regions, with more than 5 million users, according to the press release.

The total cryptocurrency market capitalization remained unchanged in the past 24 hours at $1.18 trillion, while crypto exchange volume fell 0.22% to $19.74 billion, according to data from CoinMarketCap.

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