The State of the Crypto Market: June 28, 2023
The cryptocurrency market experienced a period of stagnation on June 28, 2023. Bitcoin (BTC) hovered around $30,424, with investors eagerly awaiting positive momentum to guide their buying decisions. Despite the correlation with the US stock market remaining low due to domestic news, the longer the consolidation period for BTC persists, the higher the likelihood of a minor decline in the leading cryptocurrency. Key support levels for BTC are at $29,600-$29,650, while resistance levels are observed at $31,150 and $32,400. The total market capitalization of cryptocurrencies has reached $1.180 trillion, with BTC’s dominance rising to 50.2% and ETH’s market share decreasing to 19.0%.
In recent news, Fidelity, one of the leading asset managers, expressed its intention to submit an application to the US Securities and Exchange Commission (SEC) for the launch of a spot Bitcoin ETF. While previous attempts by the company were rejected, Fidelity’s current assets under management amount to an impressive $11 trillion, indicating the potential scale of the project. This development has sparked interest in the market and showcases growing institutional interest in cryptocurrencies.
Moreover, Coinbase, the largest crypto exchange in the US, witnessed a remarkable rebound in its stock price following the Securities and Exchange Commission’s (SEC) lawsuit against the company. After an initial drop, Coinbase’s stock surged approximately 35%, reaching around $70 per share. This resurgence reflects the broader market trend in June, fueled by a Wall Street-driven fever for Bitcoin and renewed optimism in the industry following recent enforcement actions from regulatory bodies. The market’s positive response to Coinbase’s stock rally indicates a belief that the worst of the regulatory crackdown may be behind us.
Bitcoin Price Today
According to CoinGecko, the price of Bitcoin (BTC) is $30,516.51 today with a 24-hour trading volume of $14,317,004,249.42. This represents a 1.22% price increase in the last 24 hours and a 13.98% price increase in the past 7 days.
The global crypto market today is valued at $1.22 Trillion, with no change in the last 24 hours.
Top Crypto Gainers
Binance, Coinbase, Crypto market, Cryptocurrencies, Fidelity