Following the release of the US inflation report on Thursday, Bitcoin rose to $31,000, but failed to hold on to its gains and fell to $30,200. Meanwhile, market participants received encouraging data from Santiment.
The on-chain analytics firm stated that sharks and whales, like other investors, are eyeing Bitcoin’s price range between $30,000 and $31,000. These market participants are accumulating stablecoins such as USDP and DAI.
Santiment highlighted a significant increase in the number of addresses holding DAI and USDP, ranging from $100,000 to $10 million since June 27. The report pointed out that sharks and whales account for 2% of the total supply of DAI since June 27, accumulating around 11% since July 2.
Santiment has correlated this accumulation with a potential bullish rally, as investors often turn to stablecoins. They suggested that there was a possibility of a bullish surge in the near future, given the steady accumulation of stablecoins.
“Sharks and whales are watching the $30,000 to $31,000 Bitcoin price ranging, just like the rest of traders. And it appears that they are accumulating stablecoins like USDP & DAI quite rapidly, which increases the probability of future big crypto buys.”
When will Bitcoin receive approval from regulators?
Today, the crypto community actively discussed an interview with Mike Novogratz, the CEO of Galaxy Digital. Novogratz stated that if the recent surge in spot Bitcoin ETF applications from major asset managers is approved, it will serve as a “stamp of approval” for cryptocurrencies by the US government.
This means that potential approvals would signal wider adoption of cryptocurrencies. Novogratz highlighted BlackRock, a $9 trillion asset management company, as a key signal of imminent adoption.
A green light for spot Bitcoin ETFs would essentially signify US government and securities regulator approval for the cryptocurrency.
Mike Novogratz emphasized the potential impact of ETFs that track the spot market value of BTC in driving widespread adoption of digital assets, as opposed to existing futures-based ETFs.
“What I do think is BlackRock, Invesco [and] the group of ETF providers is a real signal that adoption is coming,” Novogratz said.
How will Bitcoin ETF approval impact the industry?
When financial giant BlackRock filed an application for a spot Bitcoin ETF in the US, industry observers believed that the world’s largest asset manager had a better chance of approval than many of its predecessors due to its nearly flawless track record of ETF applications.
According to Novogratz, many investors are nervous about entering the cryptocurrency market. An approval of a spot Bitcoin ETF could be the first step for most investors to begin adding crypto to their portfolios.
The investor also claimed that the SEC intends to approve not only BlackRock’s proposed ETF but also applications from other contenders, including Valkyrie, Fidelity, Invesco, VanEck, WisdomTree, and ARK Invest.
“The SEC is not going to approve one, so you’re going to have these giant sales forces out there giving access to people that didn’t have access before,” Novogratz noted.
However, he cautioned that the US regulatory landscape remains disappointing, and the SEC has been “really stubborn and really tough” on crypto assets.
Nevertheless, Novogratz still believes that the ongoing consolidation phase of BTC between $28,000 and $32,000 will likely be a precursor to a significant rally.
The material has been provided by InstaForex Company – www.instaforex.com
Following the release of the US inflation report on Thursday, Bitcoin rose to $31,000, but failed to hold on to its gains and fell to $30,200. Meanwhile, market participants received encouraging data from Santiment.
The on-chain analytics firm stated that sharks and whales, like other investors, are eyeing Bitcoin’s price range between $30,000 and $31,000. These market participants are accumulating stablecoins such as USDP and DAI.
Santiment highlighted a significant increase in the number of addresses holding DAI and USDP, ranging from $100,000 to $10 million since June 27. The report pointed out that sharks and whales account for 2% of the total supply of DAI since June 27, accumulating around 11% since July 2.
Santiment has correlated this accumulation with a potential bullish rally, as investors often turn to stablecoins. They suggested that there was a possibility of a bullish surge in the near future, given the steady accumulation of stablecoins.
When will Bitcoin receive approval from regulators?
Today, the crypto community actively discussed an interview with Mike Novogratz, the CEO of Galaxy Digital. Novogratz stated that if the recent surge in spot Bitcoin ETF applications from major asset managers is approved, it will serve as a “stamp of approval” for cryptocurrencies by the US government.
This means that potential approvals would signal wider adoption of cryptocurrencies. Novogratz highlighted BlackRock, a $9 trillion asset management company, as a key signal of imminent adoption.
A green light for spot Bitcoin ETFs would essentially signify US government and securities regulator approval for the cryptocurrency.
Mike Novogratz emphasized the potential impact of ETFs that track the spot market value of BTC in driving widespread adoption of digital assets, as opposed to existing futures-based ETFs.
How will Bitcoin ETF approval impact the industry?
When financial giant BlackRock filed an application for a spot Bitcoin ETF in the US, industry observers believed that the world’s largest asset manager had a better chance of approval than many of its predecessors due to its nearly flawless track record of ETF applications.
According to Novogratz, many investors are nervous about entering the cryptocurrency market. An approval of a spot Bitcoin ETF could be the first step for most investors to begin adding crypto to their portfolios.
The investor also claimed that the SEC intends to approve not only BlackRock’s proposed ETF but also applications from other contenders, including Valkyrie, Fidelity, Invesco, VanEck, WisdomTree, and ARK Invest.
However, he cautioned that the US regulatory landscape remains disappointing, and the SEC has been “really stubborn and really tough” on crypto assets.
Nevertheless, Novogratz still believes that the ongoing consolidation phase of BTC between $28,000 and $32,000 will likely be a precursor to a significant rally.
The material has been provided by InstaForex Company – www.instaforex.com
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