{"id":28949,"date":"2023-06-29T02:04:18","date_gmt":"2023-06-29T06:04:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-slip-but-holds-above-30000-as-crypto-bulls-pin-hopes-on-blackrock-etf\/"},"modified":"2023-06-29T02:04:19","modified_gmt":"2023-06-29T06:04:19","slug":"bitcoin-prices-slip-but-holds-above-30000-as-crypto-bulls-pin-hopes-on-blackrock-etf","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28949","title":{"rendered":"Bitcoin Prices Slip but Holds Above $30,000 as Crypto Bulls Pin Hopes on BlackRock ETF"},"content":{"rendered":"
\n
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<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies slipped Wednesday but continued to hold onto the bulk of gains from a recent rally. Crypto bulls have remained optimistic that U.S. regulators will approve a major new digital asset fund.<\/p>\n

The price of Bitcoin has fallen 1% over the past 24 hours to $30,325, with the largest crypto firmly above the psychologically important $30,000 level but shy of yearly highs near $31,500 notched in recent trading. Bitcoin has rallied some 20% in less than two weeks, buoyed in large part by optimism over what would be a milestone of long-awaited institutional adoption: the potential approval of a Bitcoin exchange-traded fund (ETF) proposed by
\n BlackRock
\n (ticker: BLK).\u00a0<\/p>\n

\n

\u201cBitcoin has been squeezed in the $30,000 to $30,800 range, above a similar consolidation in April, and has settled into an overall uptrend,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThe shorter-term picture, however, suggests potential correction exists, with short-term targets in the $29,800 area, but a pullback to $28,900 is more likely. This should not put the bullish trend in question but will fuel further buying.\u201d<\/p>\n

Crypto bulls continue to pin their hopes on the possible approval of BlackRock\u2019s Bitcoin ETF. While ETFs that hold Bitcoin itself\u2014as opposed to Bitcoin futures\u2014have been denied by regulators in the past, new hopes hinge on factors including a market surveillance mechanism proposed by BlackRock and
\n Nasdaq
\n (NDAQ).<\/p>\n

In the short-term, Bitcoin is likely to continue meandering above $30,000 amid smaller macroeconomic catalysts. The token fell Wednesday alongside tech stocks, coming under pressure from fears over U.S.-China tensions linked to chips and artificial intelligence. Bitcoin could, like the
\n Dow Jones Industrial Average
\n and
\n S&P 500,<\/span>
\n also react to a spate of remarks from central bankers including Federal Reserve Chairman Jerome Powell.<\/p>\n

But investors should brace for the prospect of a Bitcoin ETF approval or denial as the next major catalyst for cryptos.<\/p>\n

\u201cIf we do see a Bitcoin ETF approval, institutional momentum could take the rally as high as the $40,000 level,\u201d said Edward Moya, an analyst at broker Oanda. \u201cAny major setbacks with a BlackRock ETF rejection \u2026 could temporarily kill the rally, but optimism will still remain.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest token\u2014lost 1.5% to below $1,875. Smaller cryptos, or altcoins, were weaker, with
\n Cardano
\n falling 3% and
\n Polygon
\n declining 5%. Memecoins were also in the red, with
\n Dogecoin
\n down 2% and
\n Shiba Inu
\n down 3%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies slipped Wednesday but continued to hold onto the bulk of gains from a recent rally. Crypto bulls have remained optimistic that U.S. regulators will approve a major new digital asset fund. The price of Bitcoin has fallen 1% over the past 24 hours to $30,325, with the largest crypto firmly above […]<\/p>\n","protected":false},"author":1,"featured_media":19445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-28949","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Prices Slip but Holds Above $30,000 as Crypto Bulls Pin Hopes on BlackRock ETF | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies slipped Wednesday but continued to hold onto the bulk of gains from a recent rally. 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