rev, CNBC Indonesia
Market
Wednesday, 09/08/2023 11:10 WIB
Jakarta, CNBC Indonesia – Crypto markets are jubilant with simultaneous gains in the last 24 hours amid catalysts towards the end of the year regarding the Bitcoin Spot ETF narrative.
Referring to CoinMarketCap on Wednesday (9/8/2023) at 09.32 WIB, the majority of cryptocurrencies have strengthened. Bitcoin was up 1.85% to US$29,698.43 and on a weekly basis it edged down 0.57%.
Ethereum has appreciated 1.47% in the last 24 hours and in the last seven days it edged down 0.76%.
XRP strengthened 3.41% on a daily basis and in a week it still sank 8.87%.
The same goes for Solana which flew 5.03% in the last 24 hours and on a weekly basis rose 1.17%.
CoinDesk Market Index (CMI), which is an index to measure the performance weighted market capitalization of the digital asset market, also showed an increase of 2.16% to 1,275.93. Open interest strengthened 3.59% to US$28.21 billion.
According to Coindesk.com, Billionaire private equity titan David Rubenstein believes Bitcoin will thrive due to the interest from institutions like Blackrock in the ETH Bitcoin Spot as well as the global demand for creating money that governments cannot control.
“A lot of people around the world want to be able to trade in a currency that their government can’t know what they have and they want to be able to move it right or wrong, so I don’t think Bitcoin is going away,” he said during an appearance on Bloomberg TV.
Blackrock CEO Larry Fink said that they would own the ETF if it was approved by the government in Bitcoin.
Early last month in an interview with Fox Business, Larry Fink stated that crypto, especially Bitcoin, would be able to revolutionize the financial system.
However, the US Securities and Exchange Commission (SEC) has repeatedly refused to allow investment managers to register ETFs (Exchange Traded Fund) cryptocurrencies, such as ARK Invest, Fidelity, Invesco, WisdomTree, and many others.
BlackRock itself had filed paperwork with the US Securities and Exchange Commission (SEC) on June 16 for a bitcoin ETF, but failed to get approval to market the Bitcoin ETF product. US Exchange and Securities Commission (SEC/Securities and Exchange Commission) said that the current filing of bitcoin ETFs is “insufficient.”
To note, Bitcoin volatility continues to be at record lows and is finally showing a rebound, Vivien Fang, head of trading products at Bybit.
The US$30,000 figure in Bitcoin is a critical figure and consensus expects the US$40,000 level to be the next significant level.
That said, there is still a high potential for volatility spikes due to macro-related downside events that could unexpectedly impact the market.
CNBC INDONESIA RESEARCH
research@cnbcindonesia.com
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2023-08-09 04:10:15
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