BTC soars on institutional interest 🚀

June 26, 2023

Hello, and welcome to the finverse and cryptosphere! This is a particularly cheerful week for us at CoinSwitch as we turn 6 today! Older, the wiser, as they say. On this positive note, we bring you the ups and downs of the market this week, including the latest on BTC ETFs and institutional interest in the crypto space.

While the global crypto market is heading in the right direction, the first order of business will be learning more about investments and personal finance. Let’s board the cryptocraft!

If you’re going to take money lessons, you’ve got to take them from the very best. This week on Money Moves, our Youtube series on the secrets of wealth creation, we bring you a peek into the minds of Warren Buffet and Charlie Munger. Join us as our host Jayadevan PK has a freewheeling conversation with Gautam Baid, a renowned author and investment advisor, as he reflects on the American business magnate and his right-hand man. You can view it on CoinSwitch Money (or below).

We promise to keep bringing you such stories every week, so watch out for this section. For now, watch the latest episodes of our exciting new series on CoinSwitch Money.

The global crypto market had one of its strongest weeks as institutional interest in crypto witnessed a revival. BlackRock’s spot BTC ETF application was followed by other major developments like the launch of crypto-exchange EDX, backed by Citadel, Charles Schwab, and Fidelity; re-application of spot BTC ETFs by Wisdom Tree, Invesco, and Fidelity (rumored); and NASDAQ and Deutsche Bank exploring crypto custody.

The overall crypto market cap zoomed past $1.2 trillion as positive developments throughout the week buoyed prices higher.

BTC is in the spotlight as there’s some clarity on its classification as a commodity. Even though the SEC approval for a Spot BTC ETF is still months away (and uncertain), the timeline overlapping with BTC halving in April 2024 is building the “bull case” for Bitcoin prices! This is also being manifested in BTC’s rising dominance (now close to 50%) of overall crypto markets.

Other tokens had outsized price returns due to token-specific developments. Particularly worth highlighting are Bitcoin Cash (BCH) and Litecoin (LTC), both surging strongly in prices after the news that they would be among the first tokens to be traded on the TradFi-backed crypto exchange, EDX!

The cryptos that witnessed some interesting price action over the last week were:

BTC: 14.80% ⏫ $30,318
ETH: 9.30% ⏫ $1884
BCH: 82.45% ⏫ $195
LTC: 14.02% ⏫ $88

(All data here is as of 12.45 pm, 26 June 2023.)

As an investor, you should know what’s causing or could cause price action. Here are some news snippets to help you figure it out.

  • EDX, a crypto exchange backed by biggies Charles Schwab and Fidelity, goes live. It offers trading in Bitcoin, Ether, Litecoin, and Bitcoin Cash. Read more here.

  • Deutsche Bank has applied for permission to operate as a crypto custodian in Germany. It plans to allow users to buy and sell digital assets through prime brokers. Read more here.

  • Coinbase won legal relief from US Supreme Court as it ruled that a lawsuit filed by one of the exchange’s users could not proceed until Coinbase defended an appeal of a lower court ruling. Read more here.

  • Polygon co-founder proposes to make Polygon mainnet Zero Knowledge (ZK) technology compatible. The upgrade would make Polygon main chain into a zkEVM validium. Read More here.

  • Nike’s Web3 community platform.SWOOSH has partnered with the online multiplayer game Fortnite to offer a virtual experience, rewarding players with digital sneakers. Read more here.

Before we conclude, we bring you a splash of fun with our crypto crossword. We hope you enjoy it!

That’s it for now. Thanks for sticking around.

See you later, folks!

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