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Bitcoin (BTC) and the broader cryptocurrency market continue their recent gains on Tuesday, with Bitcoin appearing to maintain support above the $31,000 level.
As of Tuesday at the time of this writing, BTC is up 1.2% over the past 24 hours, trading just above $31,000, while Ethereum’s native ETH token has remained largely unchanged over the same period, nearing 1960. traded in dollars.
Most of the other major coins have also remained largely unchanged over the past 24 hours, sustaining their gains since late June.
On a seven-day basis, COMP token, a compound of decentralized finance (DeFi) protocols, was the best performer among the top 100 crypto assets by market cap, up nearly 58%.
This token was followed by MakerDAO’s governance token MKR, which rose 49% over the same period.
Confusion Over BlackRock’s ETF Application
The strong performance of major crypto assets in recent days comes despite concerns and speculation surrounding the filing of a spot Bitcoin exchange-traded fund (ETF) by wealth management giant BlackRock.
Initially, the focus of concern was a Wall Street Journal article alleging that Securities and Exchange Commission (SEC) staff said the filing was not sufficiently “clear and comprehensive.”
Since then, various ETF issuers that have applied to list spot bitcoin ETFs, including Fidelity, WisdomTree, VanEck, and Invesco, have responded to the SEC’s request with updated information about their cryptocurrency exchange partners. I resubmitted my application.
All ETF providers have named Coinbase as their partner exchange.
A subsequent concern in the market was why BlackRock refiled the application so much later than all other applicants, with some applicants Infer The company has lost interest in Bitcoin ETFs.
However, it turned out that things weren’t as bad as some thought, and although BlackRock did indeed resubmit on June 29, the Nasdaq posted on its website to reflect that. Information surfaced that it had not been updated.
“They just added Coinbase like everyone else,” Bloomberg’s Balchunas said, adding that this was the only re-application that stood out.