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After breaking the key resistance level of 21,700 in March, Bitcoin pulled the quotes of popular altcoins into the bull market zone.
In the middle of last month, the BTC/USDT pair again became the driving force behind the positive dynamics of the digital currency market. In just two days, on June 20 and 21, the BTC/USDT exchange rate grew by 12%, and at the end of June, the pair updated its 12-month high at the 31,443 mark.
The sharp growth of Bitcoin, which Ethereum later joined, occurred amid several positive news for the crypto market.
In particular, the U.S. Securities and Exchange Commission (SEC) in June received applications from five major asset management companies: WisdomTree Inc., Invesco Ltd., Valkyrie Funds, Fidelity Investments, and BlackRock Inc. to create a new investment product (spot Bitcoin ETF). Companies Citadel, Fidelity, and Charles Schwab launched their own decentralized crypto exchange. At the end of the month, another of the world's largest investment companies, Invesco, applied to launch a spot Bitcoin ETF.
The rapid growth of interest from large corporations in cryptocurrencies may also be due to the anticipation of their approval by global regulators as a means of payment.
Thus, after the Fed meeting that ended on June 14, Chairman Jerome Powell announced the need for the Fed to be involved in the regulation of the stablecoin market, which he called a "form of money," not securities. If the Fed approves stablecoins as a means of payment, they will become a real alternative to fiat money.
At the end of last month, the largest U.S. asset management company, BlackRock, also filed an application for a spot Bitcoin ETF to the SEC. After these reports, trading volumes in the crypto market began to grow and, at the beginning of last week, already amounted to 19.5 billion dollars.
Buyer interest in stablecoins is supported, among other things, by an unstable geopolitical situation in the world, remaining tense amid a military conflict in Ukraine and a brewing conflict in Taiwan, threatening a direct clash between the U.S. and China.
Negative points for the crypto market include the continued pressure from the Securities and Exchange Commission (SEC) on leading digital platforms Binance and Coinbase, which is also spreading in European countries. In the UK, the Binance branch (Binance Markets Limited) will no longer be able to operate in the country, as it lost its license from British regulators. Binance branches in Germany and Belgium are also in a difficult position.
At the end of last month, it also became known that U.S. President Joe Biden promised to reform the tax system, "eliminating loopholes for Bitcoin and crypto traders." This could specifically refer to the short-term trading operations of crypto traders, who sell and buy back cryptocurrencies in a short period of time, allowing them to avoid higher tax rates.
Moreover, speaking at the European Central Bank Forum last week, Fed Chair Powell confirmed the possibility of further interest rate hikes, which could support the U.S. dollar, including in relation to cryptocurrencies (in pairs with the USDT stablecoin).
Therefore, despite the bullish sentiment of Bitcoin buyers, a somewhat contradictory situation has developed in the digital currency market, not allowing Bitcoin and other popular altcoins to develop a more confident upward trend.
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