After two sluggish weeks, the cryptocurrency market is starting to wake up. Thanks to the strong momentum of the past 24 hours, all of the top 100 cryptocurrencies are in the green. Why did the market go up 6%? And will this increase be enough to erase the losses caused by the cases around the SEC? The answer in this article.
Bitcoin wakes up, altcoins are still sleepy
What a sweet awakening for investors in the cryptocurrency market: after a month and a half in a downward trend, the price of Bitcoin (BTC) suddenly climbs to approach the bar of 29,000 dollars, a price it had not reached since May 7. Thus, the recent losses caused by the lawsuits of the SEC begin to be compensated.
🔴 LIVE – Follow the SEC’s anti-cryptocurrency crusade in real time
Over the past 24 hours, the king of cryptocurrencies rose 7.8% from $26,700 to $28,800. Similarly, over the last 7 days, Bitcoin has risen by 11.5%.
Trading View – Bitcoin (BTC) price from April 2023 to today
As for other cryptocurrencies, the lights are also green since yesterday morning : +4.8% for ETH; +3.5% for BNB; +7.7% for ADA; +5.6% for SOL, +6.7% for MATIC.
In the top 100 market caps, excluding dollar and gold backed assets, no cryptocurrency records a loss.
However, the battle is far from over for investors holding altcoins. Although BTC has successfully rebounded from its recent slump, caused by the recent Securities and Exchanges Commission (SEC) attacks on Binance and Coinbase, alternative cryptocurrencies are still at half mast.
Cryptocurrencies described as “securities” by the SEC did not recover from the huge sudden losses during the week of June 05 to 11, 2023:
- At $0.88 per token, the price of the MATIC had plunged 30% after the SEC announcements. Currently, its price stands at $0.65;
- Stagnating at $300 at the start of the month, the price of BNB had tumbled up to $224. Today, BNB crossed the $250 mark;
- In a few days, the price of SOL went from $22 to $14.5. Currently, its price is $16.8.
👉 How to buy Bitcoin (BTC) easily in 2023? Our complete guide on the subject
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After the rain comes the good weather
Despite SEC announcements, the cryptocurrency market still looks interesting for individuals and institutions. One explanation for today’s upside is the impact of the recent announcement made by BlackRock.
Last week, the world’s largest asset manager has submitted an application to launch a spot Bitcoin ETF. If approved by the US regulator, this ETF will be listed on NASDAQ, one of the three largest stock exchanges in the United States.
After BlackRock provided the way forward, other companies in the financial sector have taken the plunge : the company WisdomTree, with more than 87 billion dollars under management, has also made a request to deploy a Bitcoin spot ETF.
In parallel, the asset manager Invesco recently relaunched a request to the American regulator to deploy a similar product. Note that this firm is one of the giants of finance, with approximately $1.4 trillion in assets under management.
Thus, this renewed interest in Bitcoin from financial giants benefits the entire cryptocurrency market. Is this the start of an uptrend aimed at breaking the symbolic barrier of 30,000 dollars definitively? The next few weeks will be decisive.
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Source: SEC
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Always enthusiastic about new technologies, I gradually moved closer to activities related to Web3 during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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