Bitcoin Holds Above $30,000 as Traditional Financial Institutions Keep Eyes on Crypto ETFs
Bitcoin maintains its position above the $30,000 threshold as other top cryptocurrencies gain. The rise comes as traditional financial institutions express interest in launching a crypto-linked exchange-traded fund (ETF) and leveraged Bitcoin futures ETF approval in the US.
Bitcoin, the world’s largest cryptocurrency, has seen a slight decline of 0.35% over the last 24 hours but remains above the $30,000 mark. In contrast, Ether, the second-largest cryptocurrency, was up 1.18% and showed a weekly gain of 10.32%.
Among the top 10 non-stablecoin cryptocurrencies, Polkadot led the gains with a 3.28% gain in the last 24 hours, compiling a weekly gain of 14.28%. Litecoin, however, saw a marginal decline of 1.48% in the last 24 hours but still shows a weekly increase of 14.24%.
The US Securities and Exchange Commission (SEC) recently approved the country’s first leveraged Bitcoin futures ETF, offered by Volatility Shares. This development allows investors to benefit from the rising price of Bitcoin futures contracts. Financial institutions such as BlackRock and WisdomTree have also submitted applications to launch spot Bitcoin ETFs, pending SEC approval.
JPMorgan Chase & Co. also made headway in crypto by launching euro-denominated transactions on the blockchain-based payment system, JPM Coin. This step allows clients to immediately transfer euros or dollars deposited with a JPMorgan account, regardless of business hours.
Meanwhile, in the non-fungible token (NFT) market, the Forkast 500 NFT index has seen a modest 0.25% decline in the last 24 hours but points to a 1.08% gain for the week. NFT transactions on Ethereum decreased, while transactions on the Bitcoin network increased significantly.
Notably, the Bored Ape Yacht Club (BAYC) saw notable activity when NFT whale Jeffrey Huang, also known as Machi, sold most of his holdings. BAYC’s floor price has fluctuated, up 4.18% in recent days but down 13.52% during the week. On the other hand, Ethereum-based Azuki NFT transactions are up and remain active.
Bitcoin maintains its position above $30,000, and traditional financial institutions, including ETFs, continue to explore opportunities in the crypto market.
