Bitcoin, Other Digital Assets Surge Late in Q2 on Spot Bitcoin Euphoria

CoinDesk
CoinDesk

28 Jun 2023 6:20 PM

The spot bitcoin ETF filings by BlackRock and other financial services giants ensured bitcoin would finish Q2 in positive territory. Now the SEC’s decision on the applications will likely play a big role in digital asset prices for the remainder of the year....

  • The second quarter is a good time to analyze the crypto market's recent past and future path.
  • Bitcoin is currently trading at around $30,500, while Ether is below $1,900.
  • Bitcoin and Ether have outperformed the leading U.S. equity indexes and crypto-based stocks.
  • The first and second quarter performances of various digital assets and stocks are discussed.
  • Small Contract Platforms led the way in the second quarter, while the digitization and computing sectors lagged.
  • Bitcoin and Ether are in a significant uptrend, with correlations between BTC and Tradfi indices decoupling.
  • The first 74 days of the second quarter were quiet, with BTC experiencing a 5% fall-off.
  • Price activity accelerated after the SEC's suit against Binance and Coinbase, but then rebounded following spot BTC applications by BlackRock and others.

The article provides a balanced analysis of the crypto market's performance in the second quarter, highlighting both positive and negative factors. It discusses price fluctuations, regulatory concerns, and the impact of institutional involvement.

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You May Ask

What is the current trading price of Bitcoin?How did Bitcoin and Ether perform compared to U.S. equity indexes and crypto-based stocks?Which sectors performed well in the second quarter, and which ones lagged?What caused the acceleration in price activity during the second quarter?How did correlations between BTC and Tradfi indices change during the second quarter?

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