Bitcoin Passes $31K as BlackRock ETF Refiling Boosts Price
• Bitcoin broke above $31,000 earlier today.
• Last week was relatively calm for bitcoin as the asset it spent most of it trading sideways in a tight range between $30,000 and $31,000.
• The SEC reportedly issued a warning to all recent Spot BTC ETF filings, calling them “inadequate” which had an immediate effect on the cryptocurrency’s price.
Bitcoin Breaks Above $31K
Bitcoin finally went on the offensive and broke above $31,000 earlier today. Aside from APT, the other notable price gainers include MKR, FXS, and LEO. Most larger-cap altcoins have produced minor volatility in the past 24 hours, aside from LTC and BCH which are both down by over 3%.
Volatility Last Week
Last week was relatively calm for bitcoin as the asset it spent most of it trading sideways in a tight range between $30,000 and $31,000. That all changed on Friday when the SEC reportedly issued a warning to all recent Spot BTC ETF filings calling them “inadequate”. This had an immediate effect on the cryptocurrency’s price which tumbled by over $1,500 and fell to a 10-day low of $29500 (on Bitstamp). However that dip to sub-$30K levels was short-lived as BTC bounced off quickly with bulls driving it north by a grand calming at around $30500 for the rest of the weekend and even on Monday .
Aside from APT (Aptos), some other notable price gainers include MKR (Maker), FXS (Flexacoin) and LEO (UNUS SED LEO). These cryptos have seen some minor volatility in the past 24 hours while Litecoin (LTC) and Bitcoin Cash (BCH) are both down by over 3%.
The surge in prices could be attributed to BlackRock refiling its application for six actively managed Bitcoin ETFs with US securities regulator Securities & Exchange Commission last Thursday. This could be seen as positive news amongst traders who hope that this move will pave way for institutional money entering into cryptocurrencies market eventually giving more legitimacy to digital assets like Bitcoin etc.
Market Watch Summary
Bitcoin has broken above $31K after several days of sitting quietly while other major cryptos show mixed results – gaining or losing only small amounts compared to yesterday’s prices. The SEC recently issued warnings regarding Spot BTC ETF filings but this was short lived as BTC bounced back up shortly afterwards driven by bulls aiming at returning back to its previous high of just under 33k USD/BTC rate. BlackRock’s refilling of their application for actively managed Bitcoin ETF may open doors for institutional money soon enough giving more legitimacy to digital assets like Bitcoin etc.