First mover Asia: Large Bitcoin holders content to hold long positions amid regulatory turmoil

FXstreet
FXstreet

30 Jun 2023 6:46 AM

As Asia markets opened Friday (HKT), Bitcoin was trading sideways, largely unmoved by news a few hours earlier that financial services giant Fidelity ...

  • Bitcoin is trading sideways despite news of Fidelity Investments refiling an application for a spot bitcoin ETF and strong U.S. economic data.
  • Other financial services giants like Blackstone, Invesco, and WisdomTree have also filed spot BTC ETF applications, boosting investor confidence and crypto prices.
  • Ether, the second largest cryptocurrency, remains flat, while SOL, the token of the Solana smart contracts platform, has surged over 14%.
  • Crypto traders on the Solana blockchain are leveraging SOL token derivatives for high yields through a re-leveraging process.
  • The CoinDesk Market Index, a measure of crypto markets' performance, is up 1.2%.
  • U.S. equity markets have largely ignored positive economic data, suggesting inflation concerns and potential support for the Federal Reserve's interest rate plans.
  • Fed Chair Jerome Powell acknowledges uncertainty about inflationary measures but emphasizes the need to bring inflation back down to 2%.
  • The success of the bitcoin ETF industry depends on innovation beyond traditional finance.

The sentiment of the article is mostly neutral, with a focus on the current state of Bitcoin and other cryptocurrencies, as well as the impact of economic data and institutional involvement.

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You May Ask

What is the current price of Bitcoin and its percentage change in the past 24 hours?Which financial services giants have filed spot BTC ETF applications recently?How are crypto traders on the Solana blockchain leveraging their SOL token derivatives?What is the sentiment of U.S. equity markets towards positive economic data and the Federal Reserve's interest rate plans?What factors contribute to the success of the bitcoin ETF industry beyond institutional endorsements?

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