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(as of 3:00 AM UTC, June 19, 2023)
Following a weekend of trading, Bitcoin opened at a slightly deflated $26,366, indicating the market’s acute sensitivity to interest rate decisions. The pause in interest rate hikes last week allowed for a small surge in Bitcoin’s price, signaling that the crypto market appreciates a supportive environment for asset rallying.
However, the failure of the Federal Reserve to hint at future rate cuts appears to have put a damper on the market’s spirit. As the world keeps a close watch on monetary policy changes, investors and analysts alike predict that Bitcoin, despite the pressure, will maintain its dominance as long as it retains a value range between $20k – $22k.
Meanwhile, the latest development adding to Bitcoin’s resilience amid market uncertainty is the increased institutional interest in the Grayscale Bitcoin Trust (GBTC). This was primarily driven by BlackRock’s recent filing to launch a Bitcoin spot price exchange-traded fund (ETF) in the U.S. Even though GBTC is trading at a significant discount to the BTC spot, recent data suggest a narrowing of this gap, reflecting growing optimism in the market.
Should BlackRock succeed in its ETF endeavor, it could open doors for conversion and resolve GBTC’s discount, ultimately providing additional support for Bitcoin’s market value.
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