© Reuters. Bitcoin, Ethereum, Dogecoin Rise After SEC Labels ETF Filings From BlackRock, Fidelity ‘Inadequate’ — Analyst Says King Crypto Could Touch $310K If Institutions Do This
Benzinga – Major cryptocurrencies traded in the green on Sunday evening after the Securities and Exchange Commission (SEC) said that the current Bitcoin ETF filings were “inadequate”.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.47% | $30,779 |
| Ethereum (CRYPTO: ETH) | +1.51% | $1950 |
| Dogecoin (CRYPTO: DOGE) | +1.20% | $0.068 |
What Happened: This week is anticipated to be eventful with several significant economic developments. On Wednesday, the June FOMC minutes will be published. Thursday will bring the JOLTs Job Openings report, followed by the release of new unemployment numbers on Friday.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Compound | +27% | $66 |
| The Graph | +19.60% | $0.12 |
| Filecoin | +13.41% | $4.59 |
At the time of writing, the global crypto market capitalization stood at $1.12 trillion, an increase of 0.79% over the last day.
U.S. stock futures showed little change on Sunday night, signaling the beginning of the second half of a remarkable year on Wall Street. Futures linked to the S&P 500 and Nasdaq-100 traded flat.
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Analyst Notes: “Bitcoin plunged from the $31,000 level after the WSJ reported that the SEC said spot Bitcoin ETF filings are inadequate. The regulator was commenting on BlackRock and Fidelity’s filings,” wrote Edward Moya, Senior Analyst at OANDA in a note seen by Benzinga.
He adds, “Bitcoin trades around the $30,000 level, but a fresh catalyst is needed to spark bullish momentum above the $34,000 level.”
According to crypto analyst Michael Van de Poppe, Bitcoin is currently experiencing a classic weekend liquidity sweep. It is crucial for Bitcoin to maintain its price above the range of $29,800-$29,900.
“I’d prefer to see Bitcoin target $30,750 and start rallying to the range high to take liquidity above the highs,” Van de Poppe said.
#Bitcoin provides a classic weekend liquidity sweep.
You don’t want to see #Bitcoin
I’d prefer to see #Bitcoin target $30,750 and start rallying to the range high to take liquidity above the highs. pic.twitter.com/JmmGaT61wO
— Michaël van de Poppe (@CryptoMichNL) July 2, 2023
Bitcoin price could potentially surge by ten times its current value, according to on-chain analyst, Willy Woo. “What would price do if these guys put 5% of assets under management AUM into BTC?” the analyst asked.
“My calculations estimate around $310,000 per coin. It would really depend on whether they deploy in a bearish or bullish phase of the market but the range would be between $128,000 – $398,000. Right now it’s $310,000.”
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