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Bitcoin Holds Above $30,000 as Traditional Financial Institutions Eye Crypto ETFs

Bitcoin maintained its position above the $30,000 threshold as other top cryptocurrencies experienced gains. The rise comes as traditional financial institutions express interest in launching crypto-related exchange-traded funds (ETFs) and the approval of leveraged Bitcoin futures ETFs in the US.

Bitcoin, the world’s largest cryptocurrency, saw a slight decline of 0.35% over the past 24 hours but remained above the $30,000 mark. In contrast, Ether, the second-largest cryptocurrency, gained 1.18% and displayed a 10.32% weekly increase.

Among the top 10 non-stablecoin cryptocurrencies, Polkadot led the gains with a 3.28% rise in the past 24 hours, accumulating a weekly gain of 14.28%. Litecoin, however, experienced a marginal dip of 1.48% in the last 24 hours but still showcased a 14.24% weekly increase.

The US Securities and Exchange Commission (SEC) recently approved the country’s first leveraged Bitcoin futures ETF, offered by Volatility Shares. This development allows investors to benefit from increases in the price of Bitcoin futures contracts. Financial institutions such as BlackRock and WisdomTree have also filed applications to launch spot Bitcoin ETFs, pending SEC approval.

JPMorgan Chase & Co. also made strides in crypto by launching euro-denominated transactions on its blockchain-based payment system, JPM Coin. This move enables clients to transfer euros or dollars held with JPMorgan accounts immediately, regardless of business hours.

Meanwhile, in the non-fungible token (NFT) market, the Forkast 500 NFT index experienced a slight dip of 0.25% in the past 24 hours but showed a 1.08% increase for the week. NFT transactions on Ethereum declined, while transactions on the Bitcoin network surged significantly.

Notably, the Bored Ape Yacht Club (BAYC) witnessed notable activity as NFT whale Jeffrey Huang, also known as Machi, sold off a significant portion of his holdings. The BAYC floor price fluctuated, gaining 4.18% in the past day but losing 13.52% over the week. On the other hand, Ethereum-based Azuki NFT transactions rose and remained active.

Bitcoin maintained its position above $30,000, and traditional financial institutions, including ETFs, continue to explore opportunities in the crypto market.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.