1. Last week was a highly bullish week for Bitcoin, as the leading cryptocurrency reached its highest trading level of the year so far, hitting $31,432 on Binance Spot on 23rd June. This surge in price was propelled by the recent filing of the Bitcoin Spot ETF by Blackrock, as Bitcoin entered an upward trajectory with a remarkable increase of over 20%.
2. This bullish sentiment was amplified even further on 20th and 22nd June when WisdomTree, Invesco and Valkyrie also followed suit by submitting filings for their own Bitcoin Spot ETFs. The multiple filings from traditional institutions indicate a strong and growing interest in Bitcoin adoption.
3. Adding to the positive outlook, on 21st June, Federal Reserve Chairman Jerome Powell testified before lawmakers, stating that "crypto appears to have staying power as an asset class." This statement provided an additional boost to the already bullish sentiment surrounding Bitcoin and cryptocurrencies.
4. Last Wednesday marked the biggest bullish day for Bitcoin in recent times, with a staggering price increase of over 5.8%. Price action from last week indicated that Bitcoin was highly active during the trading sessions between London and New York, as evidenced by the above chart. In fact, on both 21st and 23rd June, the price experienced a significant pump during the period where the London session overlapped with the New York trading session.
5. In addition to the factors mentioned previously, it is interesting to note that Bitcoin's recent bullishness coincided with the minting of $1 billion worth of TrueUSD (TUSD) Stablecoin by Binance on 16th June.( source:https://tronscan.org/#/address/TGuWCuGCrnpVr7aHkB7xAkBMT5Ybce2RwX/transfers) Notably, BTC-TUSD has been trading at a premium compared to BTC-USDT since crossing the $30,000 threshold. Furthermore, Binance has also announced the launch of the TUSD Zero Maker Fee Promotion, scheduled to take effect on 30th June 00:00:00 (UTC).
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