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Bitcoin Remains Above $30,000 as Bitcoin Cash Rises Over 100% in the Last Week

Despite the drop seen a few hours ago, and the potential returns on applications for Bitcoin ETFs from BlackRock and Fidelity, Bitcoin remains above $30,000 amid a new chapter in the race for the first BTC ETF for the North American market. The surprise this week has been Bitcoin Cash, up 126% in the last seven days. Data shows that between June 23rd and June 30th, BCH went from about $140.89 to $319.37.



Analyzing in detail the evolution seen in the price of Bitcoin this June 30th, the data shows that the digital currency reached a peak above $31,250 just before midnight, but perhaps the most remarkable movement was the one that took place shortly after 9:00 am (New York time), as it goes from about $31,050 to $29,846 in a span of just 30 minutes.

Despite that drop, hours later the price of Bitcoin began to recover and at the time of editing stands at about $30,517 per unit, which translates into a slight drop of 0.1% in the last 24 hours.

Read more about the evolution of Bitcoin and Bitcoin Cash and find other important financial news with the Born2Invest mobile app.

Changes to the applications filed by BlackRock and Fidelity

The drop seen in the price of the main digital currency coincides with certain reports published in the morning hours, which indicate that the U.S. Securities and Exchange Commission (SEC) would have returned the applications for a Bitcoin ETF to BlackRock and Fidelity so that they make some changes and clarify details about the “shared surveillance agreements,” and information about the exchanges with which they will work to develop this exchange-traded product.

However, this does not necessarily indicate that the regulator has rejected such requests, so the companies noted: “have the ability to change the language [and certain details] in the documentation to resubmit.” A spokesperson for the CBOE exchange confirmed that this will be the plan they will pursue, so they will update their filing by making the appropriate changes.

While there was a lot of excitement in the Bitcoin market because of the ETF applications filed these past two weeks, the market’s evolution seems to reflect some fear that the SEC will deny this possibility as it has with many other applicants. However, Bloomberg analyst Eric Balchunas commented that this was not necessarily a negative thing, as the possibility is still there, it would just be necessary to clarify the corresponding aspects.

Bitcoin Cash showed remarkable results

While Bitcoin oscillates around $30,000 and registers a slight drop in the last 24 hours, one of the cases that has given a lot to talk about throughout this week has been Bitcoin Cash (BCH), which increased more than 100% in the last seven days.

Data shows that between June 23rd and June 30th, BCH went from about $140.89 to $319.37, i.e., capitalizing a net gain of 126.8% during that period.

Among the reasons associated with this evolution, analysts highlight the launch in the US of the EDX Markets exchange, a platform backed by Citadel Securities, Fidelity Investment, and Charles Schwab, which opened its doors on June 20th and allows users to trade BTC, ETH, LTC, and BCH.

The arrival of EDX Markets comes at a complex time for the crypto ecosystem in the U.S., as the SEC has taken enforcement actions against certain major industry participants in recent months, including Kraken, Paxos, Coinbase, and Binance. However, with the backing of reputable financial institutions, the new exchange complies with current laws and implements safeguards with the highest security standards.

Just as BCH was also notably benefited by this fact, the other currency that has also stood out these days is Litecoin (LTC), a currency also listed on EDX Markets that in the last 24 hours increased more than 26.7%. However, this evolution also goes hand in hand with the arrival of a halving for the digital currency, which will take place within a month and will represent a cut in half in the reward margin for miners.


(Featured image by Kanchanara via Unsplash)

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First published in DiarioBitcoin, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.