The cryptocurrency Stacks (STX) has recently experienced a remarkable turnaround, with its price bouncing back after reaching a multi-month low of $0.4412. Investors have seized the opportunity to buy the dip, resulting in a continuous upward trend for STX over the past few days. As a result, STX is now trading at $0.7916, marking a significant 29% increase from its lowest level this month.

Potential Catalysts For STX

Two primary reasons drive the surge in Stacks price. Firstly, the decision by Blackrock to file for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission has sparked positive sentiment. However, uncertainties remain regarding the acceptance of the iShares Bitcoin Trust, as Coinbase is slated to serve as the custodian of the coins. Furthermore, the ongoing conflict between Coinbase and the SEC adds to the regulatory uncertainty surrounding the situation.

Related Readings: Bitcoin Just Gained Over 18% In Seven Days: Whats Happened When This Has Occurred In The Past?

Furthermore, the SECs lawsuit against major exchanges Binance and Coinbase is expected to benefit Bitcoin, as both regulatory agencies recognize Bitcoin as a commodity rather than a security. Consequently, many investors in alternative cryptocurrencies may shift their focus to the perceived safety of Bitcoin. Stacks, which is closely tied to Bitcoins ecosystem and enables the development of decentralized applications (dApps), stands to benefit from this changing investor sentiment.

The expanding Stacks ecosystem is another significant factor contributing to the rise in STX price. Bitflow Finance, a decentralized finance (DeFi) protocol, recently introduced an sBTC/sBTC stableswap pool, enabling seamless token swaps. This development enhances the utility and adoption of Stacks, ultimately bolstering its positive price performance.

Whats Next For Stacks?

From a technical analysis...

The fate of Binance USD (BUSD), the stablecoin introduced by Binance, hangs in the balance as its market capitalization has experienced a significant decline of over 80% in 2023.

From November 2022 to June of the current year, BUSDs market capitalization has plummeted from USD23 billion to USD4 billion. Notably, the capitalization suffered an 18% loss in May alone, as reported by CCData, an analysis company.

TrueUSD (TUSD) Gains Traction As BUSD Market Cap Declines

As the market capitalization of BUSD continues to decline and reach a critical level, representing less than 5% of the overall stablecoin market capitalization, Binance has begun actively promoting the adoption of TrueUSD (TUSD).

While TUSDs market capitalization still falls slightly below that of BUSD, currently standing at over USD3.1 billion, it has surpassed BUSD in terms of trading volumes. According to data provided by CCData, the trading volumes of TUSD have tripled, indicating a growing interest and usage of the stablecoin.

Related Reading: Mask Foundation Moves 2.5 Million Tokens To Exchanges, Huge Dip Incoming?

TrueUSD (TUSD), introduced in 2017 by TrustToken, has emerged as the fifth-largest stablecoin in the market, trailing closely behind BUSD. Functioning as an Ethereum-based ERC-20 token, TUSD secures its value with dollar reserves deposited in multiple US-based banking entities. The company behind TUSD ensures a 1:1 convertibility with the US currency, instilling confidence in its stability and reliability among users.

As BUSDs market capitalization experiences a significant decline, the growing popularity and trading volumes of TUSD serve as a testament to the increasing demand for an alternative stablecoin option. Also, Binances shift towards promoting TUSD suggests a strategic response to the changing landscape of stablecoin usage and market dynamics.

The steep decline in BUSDs market capitalization can be attributed to its impending discontinuation. In February 2023, NewsBTC reported that Paxos would cease issuing the BUSD stablecoin due to an ongoing lawsuit filed by the United States Securities and Exchange Commi...

This is an opinion editorial by Paolo Tasca, a professor, economist and founder of the University College Londons Centre For Blockchain Technologies and the Distributed Ledger Technology Science Foundation.

Bitcoin has held its place as the preeminent digital, robust and unhackable store of value for nearly a decade. Yet, every year, the debate continues about whether bitcoin should evolve to become something more. Can digital gold also be the worlds currency? Could Bitcoins blockchain be used to register assets of value? Should it?

This conversation has peaked with the launch of Bitcoin Ordinals and BRC-20 tokens, driving even more demand to the Bitcoin blockchain. And understandably so Bitcoins peerless security and stability made it known as the blockchain of value. Now that it is possible to store a growing range of assets there, people want to. This is welcome news for the store-of-value proponents, as demand for bitcoin should drive up the price.

But more transactions also mean more competition, and if you want your transaction to go through, that means more fees and longer confirmation times. This is not ideal for the supporters that prefer bitcoin as a currency and the growing competition for block space is already affecting the ability to register assets.

The Economists Evolutionary Theory

This dilemma isnt new for Bitcoin. Its intentional restriction of the block size and transaction capacity has pioneered great tech, like the Lightning Network, and instigated debates over adopting colored coins, SegWit and other Core changes.

And Bitcoin is not an exception. When other blockchains came into the market, their ability to handle ERC-20 tokens, NFTs and other operations restricted their popularity. Ethereum was faced with similar limitations, but somewhat resolved them with technical upgrades. However, this led DApps to find shelter in alternative chains. This led to severe interoperability issues, but the economists "evolutionary theory" held true: The market moves in the direction of maximum opportunity.

Looking from an economist's perspective, it's crucial to note that bitcoin's utility as a store of value is still not widely adopted beyond our sector. During the early phase of the COVID-19 pandemic, for instance, we were curious to see how the crisis (the very kind that Bitcoin was designed for) would stimulate demand for the cryptocurrency. What surfaced inst...

Shibburn said that Twitters developer portal indicates a violation of Twitter rules and policies by its app.

Explore AI translation tools, their features, benefits and pricing models to find the right solution for your translation needs.

Litecoin (LTC) has recently witnessed an impressive three-day bullish streak, sparking excitement among investors as its price surged past the $91 level. The cryptocurrencys remarkable performance during this period has been celebrated by bullish traders who see it as a significant victory. 

With this surge, Litecoin has caught the attention of market participants, generating renewed interest in its potential and signaling a potential shift in the broader cryptocurrency landscape.

The remarkable growth of Litecoin in such a short span of time has rekindled optimism among cryptocurrency enthusiasts, who are closely monitoring its progress.

Litcoin (LTC) Breaks Past Recent Lows 

LTC has defied expectations with a notable 6.1% rally in the past 24 hours, and shooting up to the $91.35 level, as reported by CoinGecko. This upward movement comes as a pleasant surprise for investors and traders who had concerns about LTCs descent to the March low of $72 on June 14. 

The drop to this critical level sparked fears of a potential downward spiral for Litecoin. However, to the relief of bullish market participants, the strong buying pressure at the $72 support level proved resilient and initiated a mild price rally.

The recent surge in LTCs price not only demonstrates the cryptocurrencys ability to rebound from critical levels but also solidifies the positive momentum it has gained over the last seven days. During this period, Litecoin experienced a nearly 20% climb.

Meanwhile, an...

An Ethereum user used Aaves v2 lending platform by depositing 7.5 million USDC as collateral.

Legal representatives of the media outlets have reportedly argued that FTX is not entitled to a novel and sweeping exception just because its customers use cryptocurrency.

1.00 AUD = 0.00002 BTC
0.00010 BTC = 4.60 AUD
Converter

0.00010 BTC = 3.07 USD
1.00 USD = 0.00003 BTC
Converter

(Nikhilesh De/CoinDesk)

It was alleged that Celsius executives purportedly involved Wintermute in facilitating wash trading to fraudulently manipulate trading volumes on the Celsius platform.

Gods Unchained, a blockchain card trading game developed by Immutable Studio, has launched on Epic Games Store (EGS). Following this launch, GODS, the native token of the Gods Unchained ecosystem, has rallied 50% from June 2023 lows, expanding in line with the broader cryptocurrency markets spearheaded by Bitcoin, which is currently trading above $31,000.

Gods Unchained launches on Epic Games Store

The game recently announced its debut on Epic Games Store, a digital gaming distribution platform with over 230 million PC gamers, including a community of digital trading card enthusiasts. 

As one of the original web3 games, Gods Unchained has been at the forefront of decentralized gaming. Now, intending to attract more mainstream trading card game and strategy gamers, Gods Unchained is undergoing an update, with an updated logo and updated visuals across different points, which would launch with the Epic Games Store release.

The PC game also teased a mobile-friendly design focused on onboarding new users. In a comment about the launch Daniel Paez, the executive producer of Gods Unchained, said EGS will introduce the web3 game to a massive audience of traditional PC gamers and TCG enthusiasts.

Blockchain gaming, NFT activity recovering

The deployment on EGS is timely. Specifically, it is when the cryptocurrency market is recovering after months of lower lows in 2022. During the last bear cycle, cryptocurrency prices crashed from 2021 peaks, impacting activity. Out of this, there was a significant contraction in non-fungible tokens (NFT) activity, which translated to low activity.

In the Gods Unchained blockchain games, all trading cards are represented as unique NFTs. These represent ownership and can be transferred between users, even exchanged for cash or other cryptocurrencies. Since trading cards vary in rarity, the value assigned to each can change.

According to DappRadar, unique active wallets (UAWs) remain stable at around 1,150 but lower than 2021 peaks when it spiked to over 4,000. At the same time, Gods Unchained generated over $745,000 in active transaction values.

At the moment, GODS, the native token of the Gods Unchained game, is rising in sync with the broader cryptocurrency market. GODS is trading at $0.16, up 50% from June lows. GODSUSDT Candlestick arrangement shows that the token is bottoming up after dropping 75% from February 2023 highs.

...

By the completion of its daily candle on Wednesday, Bitcoin had gained over 18% in just seven consecutive sessions, abruptly ending the steady drift lower which had dominated its price action since Bitcoin put in its mid-April high above 30,000. How unusual is this magnitude gain in only a weeks time, and whats happened in the past after similarly robust rallies? Lets take a closer look at Bitcoins price history to find out.

Bitcoins Price History Suggests Higher Prices Ahead

As we examine Bitcoins price history for which there is reliable data (2011 to the present), the number one cryptocurrency by market cap has experienced numerous instances of gains greater than or equal to +18% over the span of seven days.

Bitcoin gains >= 18% in Seven Days | BTCUSD on TradingView.com Because the number of occurrences will vary depending on holding time, well start by listing the number of times this has happened next to our hypothetical hold times of 7 days through 90 days. Holding time is defined as the amount of time one held Bitcoin before exiting. For example, if one hypothetically purchased Bitcoin following the trigger event (i.e., +18% over the span of seven days) and sold it 30 days later, this would be a holding time of 30 days.

Bitcoin Occurrences of +18% Gains in Seven Consecutive Days by Holding Time (2011 Present)

• 98 occurrences using a 7-day hold time
• 73 occurrences using a 15-day hold time
• 57 occurrences using a 30-day hold time
• 30 occurrences using a 90-day hold time

Clearly, gains of this magnitude in just a weeks time are not uncommon for Bitcoin, an asset with numerous instances of large price advances especially when considering its relatively short price history compared to traditional risk assets.

Bitcoin Results Slightly Less Bullish In Recent Years

While a gain of over 18% in such a brief time period may lead some traders to lean bearish, the data suggests otherwise, with historical average results clearl...

In the volatile and unpredictable world of cryptocurrencies, major transactions often signal impending market movements. Recently, Lookonchain, an on-chain analytics firm, reported a substantial transfer of MASK tokens, initiated by the Mask Network Foundation.

According to their findings, the foundation moved nearly 3 million MASK tokens out of its wallets, an event that could potentially lead to significant market fluctuations.

At the time of writing, the token was trading at $3.69, following a decline of over 2.5% over the past 24 hours. The noteworthy shift of 2.5 million MASK tokens, equating to over $9 million, could potentially trigger further price variations.

Related Reading: DeFi Liquidity Pool: A Guide to Liquidity Pool Token

The intent behind the substantial token transfer remains speculative, prompting varied interpretations within the crypto community.

Mask Network Foundation transferred 3M $MASK ($11.25M) out today.

Among them, 2.5M $MASK ($9.4M) was transferred to #Binance and #OKX.

And 500K $MASK was transferred out 1 hour ago, which may be transferred to #OKX later.https://t.co/mBI4PbZaLa pic.twitter.com/BXQNceMuxs

Lookonchain (@lookonchain) June 23, 2023

Mask Network Foundations Large-scale Transfer

According to Lookonchain, the Mask Network Foundation distributed 2.5 million tokens, which are worth more than $9 million, between Binance and OKX. An additional 500,000 tokens were also transferred out of the foundations wallets, but they have not yet surfaced on any exchange platform so far.

This particular move has led to speculations of an impending sell-of...

Atomic Ordinals (Magic Eden)

UEFA Women's Champions League final match between FC Barcelona and VFL Wolfsburg on June 03, 2023 in Eindhoven, Netherlands. (Dean Mouhtaropoulos/Getty Images)

Coinbase app (Chesnot/Getty Images)

As the world of crypto continues to evolve, traders and analysts are closely monitoring the Bitcoin (BTC) charts for clues about future price movements. Among them, the popular analyst known as Credible Crypto has shared his insights, predicting a new all-time high for Bitcoin by 2023.

The prognosis relies on the assumption of a continuing parabolic advance that could drive the token beyond its previous peak of $69,000.

Predicting A Parabolic Advance For Bitcoin

The essence of Credible Cryptos prediction lies in the nature of Bitcoins parabolic advance. This concept describes a situation where momentum in the price of an asset increases exponentially until it reaches its peak.

According to Credible Crypto, such advances have been evident in Bitcoins history, as observed during its ascents from $3,000 to $14,000 and from $10,000 to $60,000. 

Bitcoins recent performance, characterized by firm support at $25,000 on monthly timeframes, is considered by Credible Crypto as potentially setting the stage for another round of parabolic advance. This new climb, the analyst suggests, should produce monthly moves of more than $10,000, filling the $40,000 gap to the previous all-time high.

A Logical Guess For New Heights

While cautioning that these are estimations based on current market conditions, the trader puts forth October 2023 as a fairly logical guesstimate for when Bitcoin could reach its new all-time high. He clarifies that its not a definitive prediction, but rather an estimation based on the logic of Bitcoins past behavior. 

The analyst noted:

I am not saying we MUST hit new all-time highs...

According to Fabio Panetta, crypto volatility and aspects of blockchain technology made digital assets only suitable for gambling.

Bitcoin price hits a year-to-date high as investors excitement over BlackRock and Fidelity Investments applying for spot BTC ETFs fuels dreams of a new bull market.

The bid for the first Bitcoin spot ETF in the United States is gaining traction following BlackRocks recent application.

The streets are clear outside the U.S. Court for the Southern District of New York (Dustin D.)

Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)

Bitcoin, the leading cryptocurrency by market capitalization, seems to have entered a phase of consolidation above the $30,000 mark following a notable surge of over 10% on Tuesday. 

While the price movement has generated a lot of interest among investors, it remains uncertain whether Bitcoin will maintain its upward momentum or experience a pullback in the coming days.

Bitcoin Uncertain Trajectory

Ben Lilly, a well-known cryptocurrency analyst, and economist, recently shared his thoughts on the current state of Bitcoins price action and its potential future trajectory. 

In a recent analysis, Lilly dubbed the current price movement the Larry Fink Pump, referencing the recent announcement by BlackRocks CEO Larry Fink regarding the companys increased interest and application for a  Bitcoin spot ETF.

While the pump has caused some excitement among investors, Lilly notes that several factors could cause the rally to falter. 

For one, Bitcoin has already wiped out the remaining high-leverage liquidity to the upside, and the Cumulative Volume Delta (CVD) spot seems to have lost its short-lived trend already. 

Additionally, the fuel meter discussed in a recent Alpha Bites episode by Benjamin Skew of Jarvis Labs LLC has dropped significantly from its pre-pump levels, which could indicate a bearish case for Bitcoin in the short term.

Despite these potential bearish factors, Lilly remains optimistic about Bitcoins future. He notes that the $24,000 level is still sitting there and could be had if the price breaks the 200-day moving average, which is currently creeping above it. If this happens, he predicts that Bitcoin could drop to $21,000-$22,000.

However, Lilly also sees the possibility of an upside scenario for BTC. He notes that low-leverage liquidity sits at $32,000, and he would love to see it taken out. 

Looking at the returns by trading session, he points out that the New York session seems to be leading the way. He notes that when the trend of the New York session ends, theres a bit of a lag before the price responds to the downside, suggesting that the June options max pain of $25,000 may not happen.

Lilly also highlights the recent increase in the whale holding chart, as seen in the chart below, which indicates that large Bitcoin holders, commonly referred to as whales, are once again accumulating the cryptocurrency. 

...

Wirex cards may stop working in the European Economic Area, but funds held in the account are safe, the company said.

Brazil flag. (Getty Images)

The top 100 DeFi tokens broke out of a three-week-long bearish momentum amid a marketwide surge led by Bitcoin.

The debut of shares for the Bitcoin investment vehicle is potentially set for June 27, but the U.S. SEC has a pattern of denying many crypto-linked ETF applications.

Bitcoin daily chart (CoinDesk)

Bitfinexs utility token, LEO, stands out from the crowd with positive moves amid the market-wide downturn that suppressed most coins. It saw an 8.69% price increase on the day and added 11.42% over the past seven days, which placed it among the top-gaining coins on the last day.

LEO tokens move today follows a consistent price increase since June 20, after Bitfinex announced a public grant to support the open-source development of Qubes OS in partnership with Tether, USDT stablecoin issuer.

LEO Outperforms Top Coins With Recent Action

LEOs value did not only strengthen against the dollar but outperformed the two market forerunners, Bitcoin and Ethereum, in terms of 24-hour price change. At the time of writing, LEO is up 9% against Bitcoin and nearly 8% against Ethereum. The bullish momentum presented in LEOs price movement suggests a move to conquer the $4 psychological level. 

Related Reading: Is Chainlink The Most Undervalued Altcoin? Its Do Or Die For LINK

The tokens price stalled at the consolidation channel between $3.51 and $3.6 over the past weeks. But currently, LEO is trading at a low of $3.63 and a high of $3.93. Also, its bull-bear power is neutral, indicating a fierce struggle to prevail between the bears and the bulls as the histogram bars show long green candle stick patterns.

Notably, the token has bounced off the 200 Exponential Moving Average, indicating a golden cross, meaning LEO is witnessing an upward trend due to a strong buying interest. It also suggests the bulls are in action to trigger a further uptrend.

The Relative Strength Index (RSI) has exceeded 78, meaning the asset is leaving the overbought territory. This move indicates that LEOs price is approaching a swing rejection where it could break its last record high.

BitFinex/Tether Grant May Have Influenced LEOs Price Momentum

Qubes OS is a free, open-source security-oriented desktop operating system that touts itself as a reasonably secure OS. It allows users to secure through compartmentalization. And Qubes OS aims to provide security and enhanced privacy through isolation. 

Bitfinex and Tethers 100,000 USDT g...

Two key Bitcoin price metrics suggest that bulls will be able to hold the $30,000 level as support.

The request was denied by U.S. District Judge Lewis Kaplan, who characterized it as a fishing expedition lacking justification.

On-chain data shows the Bitcoin Spent Output Profit Ratio (SOPR) has bounced back into the profit zone with the latest rally above $30,000.

Bitcoin SOPR Has Successfully Retested 1.0 Support Line

According to data from the on-chain analytics firm Glassnode, investors are now selling their coins at a profit. The SOPR is an indicator that tells us whether profit-taking or loss-taking is dominant in the Bitcoin market currently.

When the value of this metric is greater than 1.0, it means that the profits being realized by the investors are higher than the losses currently. On the other hand, the values of the indicator under this mark suggest the market as a whole is moving/selling coins at a loss.

The SOPR being exactly equal to 1.0 naturally suggests that the average investor is just breaking even on their selling at the moment, as the total amount of profits being harvested in the market is equal to the losses.

Now, here is a chart that shows the trend in the Bitcoin SOPR over the past year:

entity-adjusted one, meaning that it only takes into account the transactions made between separate entities on the network and not all individual wallets.

An entity here refers to a single address or a collection of addresses that Glassnode has determined to belong to the same investor. As transfers where a holder moves coins to a different wallet of theirs arent actually sales at all, they arent relevant to the SOPR, and so, removing them from the data makes the indicator more accurate.

As you can see in the above graph, the entity-adjusted SOPR has been mostly at values above 1.0 during the last few months, a trend that makes sense as the asset has observed a rally in this period, which is bound to have put investors into notable profits.

Back in March, however, the indicator had deviated away from this profit-taking trend, as the Bitcoin price had taken a significant hit. This deviation didnt last for too long, though, as the metric returned to values above 1.0 as the rally resumed.

Historically, the transition line between these two zones, that is, the 1.0 level, has had an interesting relationship with the price. During bearish trends, this line has proved to be a resistance point for the coin, while...

Sequoias Alfred Lin stood up for the firms $213.5 million investment in the now-bankrupt crypto exchange FTX.

(John Eder/Getty Images)

PEPE quietly pulled off a 100% rally earlier this week, raising questions on whether the frog-themed memecoin will become a serious Dogecoin competitor.

"Airphoria" (Nike/Epic Games)

(Unsplash)

(Wesley Tingey/Unsplash, modified by CoinDesk)

bull and bear (Getty)

Bitcoin price looks ready to turn $31,000 to support, and many altcoins are following with double-digit gains.

The regulator said Binance must cease with immediate effect all crypto-related services in Belgium after being unable to provide sufficient information on its non-EEA companies.

Evergreen Siezenals flag at Lowe's featuring Mfers NFT. (0xsthompson/Twitter)

The U.S. SEC was at the top of BlockFi creditors list with a $30-million settlement balance from February 2022.

Ether-bitcoin ratio (TradingView)

New and old bitcoin mining rigs. (Eliza Gkritsi/CoinDesk)

What are the current trends in VC investment in the crypto sector, and when will the bear market finally end?

Sam Bankman-Fried leaving court on February 16, 2023 (Liz Napolitano/CoinDesk)

Bitcoin weekly chart. (CoinDesk Indices)

Bitcoin daily chart. (CoinDesk Indices)

(Frederick Munawa)

BitGo CEO Mike Belshe. (Shutterstock/CoinDesk)

Prime Trust (edited by CoinDesk)

The United States Supreme Court ruled in favor of Coinbase in its first-ever opinion on a cryptocurrency case on June 23.

Prime Trust Consensus Booth (Prime Trust)

BCH/USD chart (Cryptowatch)

According to a Bloomberg report, other major depositors included Silicon Valley Bank, SVB Financial Group, biotechnology research company Altos Labs and China-based firm Kanzhun.

FATF Financial Action Task Force (Herv Cortinat/OECD)

NFT art in Times Square (Photo by Noam Galai/Getty Images)

Sam Bankman-Fried leaves a federal court in Manhattan following a hearing (Elizabeth Napolitano / CoinDesk)

Coinbase CEO Brian Armstrong (Coinbase)

U.S. Supreme Court (Al Drago/Getty Images)

Bitcoin Cash (BC) has maintained a positive outlook over the past few days as bulls and bears struggle for control over the broader crypto market. Its growth suggests the bulls currently have the upper hand in the altcoin even while the broader crypto market shows a 0.7% decline.

At the time of writing, BCH has added 9.06% to its past-day value changing hands at $143.22. It has also seen a 37.84% gain in seven days and 27.10% in the last 30 days. This bullish momentum allowed the token to secure the top position among the highest-gaining coins in the past 24 hours. 

Events Surrounding BCH Price Performance

Whether Bitcoin Cash will sustain the upward trajectory remains uncertain since the crypto market is gradually turning bearish. However, the sentiment remains relatively bullish even though the trading volume has declined significantly.

Related Reading: Breaking Through This Ceiling Will Propel XRP By Another 12%

Right now, institutional interest is still high following the launch of the Wall Street-backed crypto exchange EDX Market. Notably, the exchange listed four tokens, Bitcoin, Ether, Litecoin, and Bitcoin Cash, garnering the attention of crypto investors. 

Also, the crypto trading platform derives support from Charles Schwab, a top US-based investment advisor and brokerage firm, Fidelity Investments, and Ken Griffins Citadel Securities.

The exchange also announced new investors, including DV Crypto, GTS, Miami International Holdings, GSR Markets LTD, and HRT Technology. And participants in the space believe the launch of EDX would facilitate institutional investments in crypto.

Bitcoin Cashs price rally stems from EDXs launch as one of the cryptocurrencies listed on the exchange. The Securities and Exchange Commissions view that most Proof-of-Stake network tokens are securities also drew attention to BCH. As such, the token has been rising in the last seven days.

As of Thursday, June 22, Bitcoin Cash closed with a 26.54% price gain after opening the day at $136.31. With the continued momentum, the token now trades at $143.22. Also, the hype around BlackRock, WisdomTree, and Invescos spot BTC ETF application has influenced Bitcoin Cashs price action. 

It bears mentioning that the approval of these spot ETF applications could facilitate Bitcoins legitimacy and...

(Tomio344456/Wikimedia Commons, modified by CoinDesk)

A serious watershed is on the horizon for BTCs price, as Bitcoin shorters show signs of betting on a short-term trend turnaround.

Jeremy Allaire, Co-Founder, Chairman and CEO, Circle (CoinDesk)

<p class="p2">Bitcoin has been rallying for the last three days and continues to maintain significant momentum. After the digital asset crossed the $30,000 resistance, there was speculation that bulls have finally run out of steam, so the price was expected to correct downward. However, BTCs current levels combined with the crypto investor sentiment suggest that there could be more runway for the digital asset.</p> <h2 class="p2">Bitcoin Fear & Greed Index Remains Firmly In Greed

Presently, the Bitcoin Fear & Greed Index is at one of the highest levels that it has been in the last year. After a long stretch in the neutral and fear territory, Bitcoin has finally moved back once more into the greed territory, signaling positive sentiment from investors.

The index is currently sitting at a score of 65, continuing Thursdays bullish sentiment. It is now almost 20 points above its last weeks cumulative value of 47 and this shows the genuine jump in investor sentiment going from fearful to greedy.</p> <p><img alt="Bitcoin Fear & Greed Index" class= "alignnone size-medium wp-image-539373 aligncenter" height="224" src= "https://www.newsbtc.com/wp-content/uploads/2023/06/Screenshot-2023-06-23-at-12.47.48-460x224.png" width="460"></p> <p class="p2">The last time that the index was this high was back in April when Bitcoins price broke the $31,000 level for the first time in 2023. So it is possible that the current rally could continue on with time given that the rally that led to BTC climbing above $31,000 in April lasted for about a month.</p> <p class="p2">As of now, the crypto market has been rallying for only about two days, so it is too early for exhaustion on the part of buyers. With more investors feeling greedy and rushing to the market to take advantage of the recovery, they will end up pushing the price even higher.</p> <h2 class="p2">Bitcoin At $35,000 Is Possible</h2> <p class="p2">The crypto market rally is being propelled forward by the entrance of institutional investors into the space. This includes the like of BlackRock and WisdomTree filing for Bitcoin ETFs. Now, the response from the Securities and...</p>

SEBA Bank exec Nasha Afshar believes that the question of institutions getting into crypto has shifted from if to when, indicating growing confidence in the industry.