Blackrock's Bitcoin ETF Filing Aids Crypto Rebound

Cryptocurrencies managed to rise more than 1.5 percent in the past 24 hours amidst reports of Blackrock filing for a Bitcoin ETF. The news about the spot Bitcoin ETF with Coinbase as custodian helped overcome the overwhelming negative sentiment amidst intense regulatory action and a stablecoin de-peg scare a day earlier.

The Dollar Index, a measure of the Dollar’s relative strength added 0.05 percent overnight and is currently at 102.17. The CME FedWatch tool currently shows a 76.9 percent probability for 25- basis points rate hike by the Fed in the next review scheduled for July 26. The same stood at 67 percent a day earlier.

Overall crypto market capitalization is currently at $1.04 trillion versus $1.02 trillion a day earlier and $1.11 trillion a week earlier.

Bitcoin gained close to 2 percent overnight and is currently trading at $25,524.66. BTC traded between $24,903.08 and $25,735.31 in the past 24 hours versus the $24,797.17 to $26,040.96 range a day earlier. The top-ranked cryptocurrency is trading with losses of 4.3 percent over the past week and 5.6 percent over the past 30 days.

Bitcoin and the crypto industry as a whole got a surprise boost after BlackRock, the world’s biggest asset manager on Thursday filed for a Bitcoin ETF. The Exchange Traded Fund when launched would allow investors exposure to the top-ranked cryptocurrency.

Ethereum too added 1.2 percent in the past 24 hours and is currently changing hands at $1665.42. The top alternate coin too has unrecovered losses of close to 10 percent over the past week and 8.3 percent over the past 30 days.

Bitcoin currently dominates 47.9 percent of the overall crypto market followed by Ethereum which commands a market share of 19.4 percent. Stablecoins currently account for 12.4 percent of the overall crypto market.

Tether (USDT), the most valuable stablecoin traded between $0.9976 and $0.9998 in the past 24 hours, regaining its peg to the U.S. Dollar after a mild de-peg a day earlier. Market capitalization stood at $83.48 billion versus $83.43 billion a day earlier.

Tether has in the meanwhile dropped its objection to the Freedom of Information Law requests made by CoinDesk to the New York Attorney General’s Office. Under a 2021 settlement, Tether had reported details of its reserves to the NYAG which information the CoinDesk had sought from the NYAG. The documents shared by the NYAG provide details to CoinDesk regarding Tether’s reserves management.

In a clarification issued on Thursday, Tether said it was suspicious that the attack on USDT via both DeFi and centralized exchanges occurred on the day that the materials were handed over to CoinDesk. Tether said it was taking a strong stance in favor of transparency and has assured it was monitoring the USDT markets for further signs of manipulation designed to spread panic surrounding the cited information.

4th ranked BNB (BNB) gained 0.26 percent in the past 24 hours amidst reports that Binance is facing French probe over suspected money laundering. The cryptocurrency is currently changing hands at $234.31.

The USDC stablecoin ranked 5th overall, traded between $1.0005 and $0.9996 in the past 24 hours.

6th ranked XRP (XRP) dropped 3.5 percent overnight. It also yet to recoup 13.8 percent losses made over the past week.

7th ranked Cardano (ADA) has lost 1.2 percent overnight. It is also saddled with losses of close to 20 percent over the past week and 30 percent over the past 30 days.

8th ranked Dogecoin (DOGE) gained 0.2 percent overnight but has not recovered the weekly losses of more than 13 percent.

9th ranked TRON (TRX) has lost 1.9 percent overnight and 11.2 percent over the past 7 days.

10th ranked Solana (SOL) is trading close to the flatline with mild gains of 0.11 percent. SOL has lost 23.5 percent over the past week.

52nd ranked KuCoin Token (KCS) is the top gainer with an overnight rally of 10.9 percent. 85th ranked Trust Wallet Token (TWT) has also added 10.7 percent.

12th ranked Polygon (MATIC) is the greatest laggard with an overnight decline of 5 percent. 39th ranked VeChain (VET) has also lost 4.3 percent.

Meanwhile The Block has in a news attributed to Fortune reported that New York-based digital assets platform Bakkt is delisting Solana, Polygon and Cardano, citing regulatory uncertainty.

The Federal Deposit Insurance Corporation on Thursday warned OKCoin USA Inc, the OKX affiliated crypto exchange and its senior executives of making false and misleading statements concerning OKCoin’s insured status, in violation of the Federal Deposit Insurance Act. This follows OKCoin advertising that it was licensed across the U.S. with FDIC insurance on OKCoin accounts.

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