First Mover Asia: Large Bitcoin Holders Content to Hold Long Positions Amid Regulatory Turmoil

CoinDesk
CoinDesk

30 Jun 2023 2:14 AM

ALSO: Bitcoin holds steady near $30.4K – unstirred by Fidelity's filing for a spot bitcoin ETF and unexpectedly strong U.S. jobs and productivity data....

  • Bitcoin's price remains above $30K, with other major cryptocurrencies also performing well.
  • The re-filing of a spot Bitcoin ETF application by Fidelity Investments, along with similar initiatives by Blackstone, Invesco, and WisdomTree, has boosted investor confidence and crypto prices.
  • Despite regulatory uncertainty and past failures, the digital asset industry continues to rebound and witness increasing institutional demand.
  • Ether, the second-largest cryptocurrency, has remained relatively stable, while SOL, the token of the Solana smart contracts platform, has seen a significant surge.
  • The CoinDesk Market Index, measuring crypto markets' performance, has increased by 1.2%.
  • U.S. equity markets have not reacted strongly to positive economic data, suggesting potential support for the Federal Reserve's plans to raise interest rates.
  • 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 frenzy depends on both institutional endorsement and innovation in the industry.

The overall sentiment of the article is positive, highlighting the resilience and growth of the digital asset industry despite challenges and uncertainties.

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You May Ask

What is the current price of Bitcoin and other major cryptocurrencies?Which financial services giant recently refiled an application for a spot Bitcoin ETF?What has been the impact of spot BTC ETF applications on investor sentiment and crypto prices?What is the significance of the Solana blockchain's "Liquid staking token" trend?How have U.S. equity markets reacted to positive economic data and the Federal Reserve's plans to raise interest rates?

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