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The head of research for digital asset manager 3iQ wrote that the largest cryptocurrency by market capitalization is still riding tailwinds from multiple spot bitcoin ETF filings and other June events.
Buying for the trust has picked up on hopes the SEC might soon approve a spot bitcoin ETF.
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
The latest price moves in crypto markets in context for July 10, 2023.
China is exporting deflation across the Western world. Ultimately this will be good for risk assets as it relates to the end of the global interest-rate increase cycle, one observer said.
PLUS: The dYdX Foundation's Charles d'Haussy says that dYdX's move away from Ethereum might be the beginning of a broader trend.
The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC.
Such ETFs have existed for some time in Canada and Europe, but have failed to attract large investor interest, the report said.
PLUS: Bitcoin tumbled below $30,000 for the first time in almost two weeks after a disappointing ADP private sector jobs report and ISM services index, but regained some ground later on Thursday.
- 08:53The total Bitcoin contract holdings across the network have fallen below 60 billion US dollars, a drop of 11.89% from its peakAccording to Coinglass data, the total Bitcoin contract holdings across the network have fallen below 60 billion US dollars, currently reported at 59.97 billion US dollars, a decrease of 4.02% in the past 24 hours. Since Trump's victory on November 5th, Bitcoin futures' open contracts have significantly increased from 39 billion US dollars on November 5th to a record high of 68.1 billion US dollars on December 18th, indicating an increase in trading activity and market speculation. Today's contract holdings fell below $60 billion, down by11.89% from its peak.
- 08:00Lark Davis: The current pullback is not the "end of the bull market", there's still plenty of fuel in the marketCrypto KOL and industry analyst Lark Davis believes, based on historical data analysis, that the current crypto market correction is not the "end of the bull market". He stated: "In December 2020, after a 77% increase from October to November, BTC fell by 12%. Subsequently, it rose from $17,000 to $41,000 (an increase of 136%) in the next 23 days. A similar thing has happened now; Bitcoin has fallen by 13% after a significant rise in the fourth quarter. This doesn't mean this is the bottom; we may see another correction of about 10-15%. But there's still plenty of fuel left for Bitcoin and the cryptocurrency market."
- 07:07Swell: Bridge funding exceeds $120 million, mainly flowing in through the Stargate protocolSwell posted on X stating that its bridging funds have exceeded 120 million US dollars, with more capital flowing in. Major assets such as Ethena Labs' USDe, ether.fi's weETH and Swell's rswETH are moving at scale and speed. Most of the funds are transferred through the cross-chain liquidity protocol Stargate (supported by LayerZero technology).
