Analyst Notes Impatient Traders’ Excitement as Bitcoin, Ethereum, and Dogecoin Surge Following BlackRock’s Spot ETF Refiling
Major cryptocurrencies experienced a surge in value on Monday evening after BlackRock resubmitted its application for a Bitcoin exchange-traded fund (ETF) in the United States. The price of Bitcoin rose above $31,000 as several other potential Bitcoin ETF issuers also resubmitted their applications, generating positive market sentiment. BlackRock’s amended filing now includes information that Coinbase, the custodian for the proposed ETF’s Bitcoin holdings, will provide market surveillance to support the ETF.
In addition to Bitcoin, other cryptocurrencies also saw gains. Ethereum experienced a 0.48% increase in value, while Dogecoin rose by 0.27%. The global crypto market capitalization reached $1.22 trillion, a 1.19% increase over the previous day.
Meanwhile, the US stock market saw a modest increase in a shortened session due to the upcoming Fourth of July holiday. The S&P 500 closed higher by 0.12%, and the Nasdaq Composite gained 0.21%.
However, analysts note that meaningful news regarding Grayscale’s lawsuit or further clarity on Bitcoin ETFs may take some time. Bitcoin’s price has been trading within a range of $28,000 to $31,500, indicating a lack of movement. Crypto analyst Michael Van de Poppe suggests that this lack of activity in the altcoin market has resulted in a lack of belief and confidence among investors. On-chain analytics firm Santiment also highlights the need to monitor the performance of other assets such as Ethereum, ADA, XRP, and BNB, which are currently receiving less attention despite Bitcoin’s dominance.
Overall, the resubmission of BlackRock’s Bitcoin ETF application and the positive market sentiment it generated led to a surge in major cryptocurrencies. However, the market remains cautious as investors wait for further developments and news in the crypto space.