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(as of 3:30 AM UTC, June 26, 2023)
As we move into the last week of June, Bitcoin’s price jump paints an optimistic picture for crypto enthusiasts. Starting the week strong above the $30,000 threshold, Bitcoin’s current momentum is a testament to investors’ increasing confidence in the largest digital asset by market cap. If Bitcoin can sustain this momentum, we could potentially witness another bull market.
Meanwhile, significant regulatory changes are impacting the crypto space, notably in Japan. Japan’s recent amendment to exempt unrealized gains of self-issued cryptocurrencies from taxation is poised to create a thriving environment for crypto startups. Regulatory adaptability, as demonstrated by Japan, is acting as a catalyst, driving a more mainstream acceptance of cryptocurrencies and earning praise from market stakeholders.
Fueling the current rally in Bitcoin and Ethereum are multiple applications by traditional asset managers to launch spot Bitcoin Exchange-Traded Funds (ETFs). The anticipation for these ETFs is evidently high. Investor optimism is riding on the hope that the Securities and Exchange Commission (SEC) will greenlight these ETFs, reminiscent of the Ontario Securities Commission’s approval of the first Bitcoin ETFs back in 2021.
Looking ahead, the market is eagerly waiting to see whether or not the SEC will approve the Bitcoin ETFs from BlackRock, Invesco, and WisdomTree. The potential approval of these ETFs could be a pivotal moment for Bitcoin’s price trajectory and the crypto market at large.
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