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Zenger
Zenger
Adam Eckert

Bitcoin Is Moving Higher Monday: What’s Going On?

In this photo illustration, a Bitcoin logo is displayed on a smartphone with stock market percentages in the background.What To Know: Bitcoin has been finding support around $30,000 and running into resistance just above $31,000 over the last few weeks after staging a rally in mid-June. PHOTO BY OMAR MARQUES/GETTY IMAGES

Bitcoin (CRYPTO: BTC) is trading higher Monday afternoon, pushing back up toward the top end of the range in which it has been trading for the last three weeks

What To Know: Bitcoin has been finding support around $30,000 and running into resistance just above $31,000 over the last few weeks after staging a rally in mid-June. 

The crypto market surged last month following the launch of the EDX Markets exchange, which is backed by some big firms including Charles Schwab, Fidelity and Citadel Securities. The market also caught a boost after Blackrock filed for what would be the first spot Bitcoin ETF in the U.S., although the initial application was ultimately turned down. 

Monday morning on CNBC’s “Squawk Box,” former SEC chair Jay Clayton provided positive commentary on the recent ETF filings.

22 May 2023, Berlin: A Bitcoin coin lies on a screen showing the Bitcoin – US dollar exchange rate. Bitcoin is trading higher Monday afternoon, pushing back up toward the top end of the range in which it has been trading for the last three weeks. PHOTO BY FERNANDO GUTIERREZ-JUAREZ/GETTY IMAGES 

“The fact that we have these institutions that know markets better than anybody and are saying, you know, we’re going to put our reputation behind it, I find that pretty remarkable,” Clayton said. 

“If you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard to resist approving a bitcoin ETF.”

At the beginning of the month, BlackRock submitted

 

 

 an amended application to the SEC for a spot Bitcoin ETF that included a surveillance agreement with Coinbase Global Inc (NASDAQ: COIN). If approved, the Bitcoin ETF would allow investors to get exposure to Bitcoin without having to take custody of the asset. 

Bitcoin Price Action: Bitcoin was up 1.64% over a 24-hour period at $30,722 at the time of publication.

 

Produced in association with Benzinga

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