The cryptocurrency market is again on an upward trend, fueled by the impact of successive Spot Bitcoin ETF applications from giant asset management firms, notably BlackRock. The leading cryptocurrency, Bitcoin (BTC), has been accelerating its value increases since mid-June, reaching price levels up to $31,300.
What’s the Latest in the Bitcoin and Crypto Market?
Applications for Spot Bitcoin ETFs made back-to-back by giant asset management companies such as BlackRock and WisdomTree have created a significant impact on the markets. The cryptocurrency market has gained upward momentum since mid-June, with the effect of the Spot Bitcoin ETF wind. Although Bitcoin (BTC), the leading cryptocurrency, regressed to $30,800 price levels with its value losses during the day, it has caught a positive trend in recent weeks.
Ethereum (ETH), after its value increases in this process, has once again exceeded the $1,900 price level and has approached the $2,000 price level significantly.
Crypto Industry’s Total Market Value Exceeded $1.21 Trillion
From late August 2022 to the beginning of 2023, the cryptocurrency market had caught a downward trend due to the value losses in Bitcoin (BTC), the leading cryptocurrency, and most altcoins. However, the cryptocurrency market started to rise again in March 2023 and accelerated value increases in Bitcoin with the effect of the Spot Bitcoin ETF wind that significantly affected the markets in June.
Following the recent increases, Bitcoin (BTC), the leading cryptocurrency, rose to $31,300 price levels at the beginning of the week, and a significant increase was recorded in the total market value of the crypto ecosystem. The total market value of the crypto industry exceeded $1.21 trillion, which is the highest level since the end of April, according to the latest data from CoinMarketCap (CMC).
However, despite the rising expectation of an increase in the crypto market, FED Chairman Powell’s remarks that interest rates could be raised again in the coming months, depending on the course of the economy and inflation data, and the possibility of the SEC rejecting Spot Bitcoin ETF applications, significantly strengthen the possibility of a new decline in the market that has risen in recent weeks.
