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Why is the crypto market up today? BTC at $30k

TL;DR

  • The total crypto market cap sits at $1.18 trillion, a 4.07% increase in the last 24 hours, while Bitcoin dominance sits at 49.54 % and trades at $30.136.
  • According to Coinglass, in the past 24 hours, 62,196 traders were liquidated. The total liquidations come in at $218.43 million.
  • In the last eight hours, a substantial whale purchase of 3,43 trillion PEPE coins has occurred, indicating a possible increase in market interest.

Today, both the total Crypto Market Cap (TOTALCAP ) and the price of Bitcoin (BTC ) moved above their respective corrective patterns and are nearing new yearly highs. The crypto market is up today as Bitcoin, Cardano, Ether, and numerous altcoins surged after multiple large institutions filed for Bitcoin ETFs in the United States, following BlackRock’s lead. 

Crypto markets shadow green – Bull market on the rise

According to CoinMarketCap, the global crypto market capitalization is $1.18 trillion, a 4.07% increase over the previous day. In addition, the total crypto market volume over the past 24 hours has increased by 20,05% to $58.32B. The 24-hour volume of DeFi is currently $3.55 billion, or 6.09% of the total 24-hour volume of all cryptocurrencies. 

The volume of all stablecoins is currently $54.31 billion, or 93.12% of the 24-hour volume of the entire cryptocurrency market. The current Bitcoin dominance is 49.54 %, an increase of 0.13 % from the previous day.

Bitcoin price topped $30,000 for the first time since April 18, extending a 36% year-over-year rise since China predicted BTC would reach zero in June 2022.

The market saw a surge of short liquidations as a result of the rally. In the last 24 hours, 62,196 traders were liquidated, totaling $218.43 million in liquidations. The surge in crypto prices is contributing to the narrowing of the appreciation gap between equities and the DeFi market, which extended after the Federal Reserve suspended interest rate hikes.

If a breakout occurs, an increase to $1.30 trillion and a new yearly high are likely. If the overall market cap is rejected, the price may test the $1.05 trillion resistance line, validating it as support.

Regarding the Bitcoin Price, if the upward trend persists and a breakout occurs, BTC could reach $35,000 and a new annual high. However, if the price is rebuffed, it may retest the coin’s $27,200 resistance line.

Pepe (PEPE) starts to see market recovery

The Pepe (PEPE) coin price has been on a tear for the past week, bursting above a long-term diagonal resistance line. Throughout the increase, a whale purchased 3.43 trillion PEPE coins. Previously, the same whale had carried out two substantial PEPE transactions. The first time, the whale won $11.47 million, but the second time, he lost $741,000. It remains to be seen if this new venture will be successful.

The analysis of on-chain data provides a more favorable PEPE coin price prediction. According to the wave count, the PEPE price initiated a new five-wave rise on June 15. If the tally is accurate, the price is approaching the peak of the wave. After a brief decline, the upward movement can continue to the next resistance at $0.0000021.

Bitcoin ETF Buzz with Grayscale, BlackRock, and Wisdomtree

Speculation surrounding the potential approval of the first Bitcoin ETF in the U.S. boosted the price of cryptocurrencies on the market. BlackRock, the world’s largest asset manager, submitted a Bitcoin spot ETF with the Securities and Exchange Commission on June 16. 

Notably, BlackRock, a firm that manages $10 trillion in assets, has applied for 576 ETFs and has been denied only one. Lark Davis, a market analyst, forecasts that an SEC sanction could result in the asset manager purchasing every Bitcoin available on all crypto exchanges. Davis stated the following in the filing:

Only about 10% of all Bitcoin [worth $50 billion] is sitting on exchanges. 0.5% of BlackRock money movings to BTC would buy every single coin available.

Lark Davis

WisdomTree is the most recent investment firm to submit a new application for a spot Bitcoin ETF that the SEC has twice rejected. The first rejection took place in December 2021, followed by a second in October 2022. About $83 billion in assets are managed by WisdomTree, a New York-based asset management company. Invesco, another prominent asset management fund, reactivated its application for a Bitcoin ETF on the Cboe exchange.

While Bitcoin and Ether prices have been negatively impacted by recent enforcement news, today’s rally demonstrates a flare of bullish momentum. The Bitcoin Fear & Greed Index has attained its highest level in three months, indicating that investors are more willing to invest in risky assets.

Investors anticipate additional regulation from the United States Securities and Exchange Commission, which casts doubt on the durability of today’s rally. Due to the absence of bipartisan support for crypto regulation, it is unlikely that any significant legislation will pass the U.S. Congress, indicating that the SEC may classify many cryptocurrencies as securities. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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