Circle Restarts U.S. Treasury Purchases in BlackRock-Managed USDC Reserve Fund
June 21 (Cointime) - Circle Internet Financial, the stablecoin issuer, has resumed buying U.S. Treasury bills as a reserve asset for its USD Coin (USDC) after selling all holdings last month due to the U.S. debt ceiling standoff. The Circle Reserve Fund (USDXX), managed by BlackRock, has started building up its direct holdings of Treasuries and will also keep repurchase agreements as part of its reserves. The move comes after Circle reshuffled the backing of its stablecoin last month to protect USDC from potential fallout if the U.S. government failed to increase its ability to borrow and default on its debt. As of June 20, Circle added $2.2 billion of T-bills to the fund, while repos constituted some 90% of the fund’s $24.7 billion in assets.
Bitcoin Surges Above $29,000 as Traditional Finance Players Enter Crypto Market
June 21 (Cointime) - Bitcoin, the largest cryptocurrency by market value, has surged above $29,000 for the first time in a month due to a rise in bullish sentiment in the crypto market.
Bitcoin Price Reaches Six-Week High, Resulting in $155 Million in Liquidations
June 21 (Cointime) - Bitcoin has experienced a significant recovery, reaching almost $29,000 and resulting in around $155 million in liquidations, with short positions making up the majority. The cryptocurrency has been performing well since BlackRock filed to introduce a BTC Spot ETF in the US.
The Wyckoff Method: How a 90-Year-Old Theory Predicted Bitcoin's Recent Price Surge
June 21 (Cointime) - Bitcoin's price has suddenly surged due to positive news, including BlackRock's filing for a Bitcoin ETF and the launch of EDX, a new non-custodial crypto exchange backed by major financial institutions.
GBTC Trading Volume Surges 400% After BlackRock Files for Bitcoin ETF
June 21 (Cointime) - The daily trading volume of Grayscale's Bitcoin Investment Trust (GBTC) has soared from $16.1 million to nearly $80 million following asset management firm BlackRock's filing for a spot bitcoin ETF. The volume has spiked about 400% in just five days after the filing on June 14.
Bitcoin Reaches Over $28,000 for the First Time Since May 8, BlackRock's ETF Filing Plays Pivotal Role in Cryptocurrency Market's Stability
June 21 (Cointime) - Bitcoin has surpassed $28,000 for the first time since May 8, with a current trading price of $28,144, representing a 5.23% increase from the day's high. The cryptocurrency's market capitalization has grown by 50% due to this significant increase in value.
Bitwise submits Proposal for Spot Bitcoin ETF, following BlackRock's recent Filing
June 21 (Cointime) - Bitwise has submitted an application for a spot bitcoin ETF, joining BlackRock in their similar attempt. Despite previous attempts from other issuers, the SEC has never allowed a spot bitcoin ETF to be introduced to the US market. Bitwise's latest filing includes additional legal analysis regarding the surveillance of bitcoin through the Chicago Mercantile Exchange futures markets. If the SEC approves the first spot Bitcoin ETF, Bitwise's timing of the filing could potentially follow BlackRock. Other issuers such as VanEck, Valkyrie, WisdomTree, Global X, and Invesco may also follow suit.
Pantera Capital's Dan Morehead Optimistic About Digital Currency Ecosystem's Price Action
June 21 (Cointime) - Dan Morehead, founder and Managing Partner of Pantera Capital, expressed optimism about the future of the digital currency ecosystem. He cited the collapse of Terra (LUNA) as the cause of the "crypto winter" and believes a turnaround is imminent. The depegging of the industry's first algorithmic stablecoin, TerraUSD (UST), caused Terra (LUNA) to lose 99.9% of its value, impacting many crypto venture capital firms and hedge funds. However, Morehead believes the worst is over and points to Bitcoin's year-over-year return, which has recently flipped positive and is now at 31%. BlackRock's application to launch a spot Bitcoin Exchange Traded Fund (ETF) product is also seen as a positive sign for the industry.
Grayscale Bitcoin Trust's Share Price Soars Amid Optimism About ETF Conversion After BlackRock's Filing
June 20 (Cointime) - The share price of Grayscale Bitcoin Trust (GBTC) rose above $16 for the first time since May 10, as investors became optimistic about the fund being converted into an exchange-traded fund (ETF) after BlackRock filed for a spot bitcoin ETF.
Bitcoin Price Rises as BlackRock Files for Bitcoin Spot ETF in the US
June 20 (Cointime) - After hitting a three-month low last week, Bitcoin's price has risen by 1.6% in the last 24 hours to currently sit at $26,795. The filing by BlackRock, the world's largest asset manager, for a Bitcoin Spot ETF in the US has caused bullish sentiment to return to the market.
