After a correction on Wednesday to $29.850, BTC has been growing for two days in a row. Investors from the United States are behind the aggressive Bitcoin pumping. There continues to be a surge in institutional interest in cryptocurrencies. Investment giant Fidelity's application to register an exchange-traded fund for Bitcoin was officially filed with the SEC and this triggered the growth of BTC to $31,280.
The SEC's decision will now determine the cryptocurrency market in the coming months. If the regulator approves at least one application, this could lead to an increase in the price of Bitcoin to $35,000-40,000. If there is a refusal, the price may fall below $25,000. Overall, we are closing June with an increase of more than 13%, ahead of July, which has historically been the best month for Bitcoin since 2009.
BTC dominance dropped slightly to 51.8%. Against this background, altcoins come to life: Solana +15.56% per day, COMP by +40%, BCH by +32%, XEC +43%. Let me remind you that the launch of a new crypto exchange in the USA EDX Markets, which is “friendly” with large investors, caused the pumping of 4 assets - BTC, ETH, LTC and BCH.
Ledger also decided not to stand aside and is launching an institutional platform for crypto trading - Ledger Enterprise Tradelink. Payment giant Mastercard is also moving into crypto. The company is launching the Multi-Token Network (MTN) platform, the main purpose of which is to test tokenized assets to enable fast and flexible cross-border transfers.
Meanwhile, banks continue to drown in debt amid rising interest rates. The Fed's bank bailout hit a new weekly high of $103 billion. This means the Fed is still bailing out banks despite efforts to convince investors that the banking crisis is over. And as you know, the worse the banking system, the better for the cryptocurrency market.
Globally, fundamentally, everything looks bullish for cryptocurrencies so far.