Bitcoin remains mostly steady above $30.5k during weekend trading session Quick Take
- During the weekend trading session, Bitcoin traded steadily above $30.5k, with 24-hour liquidations almost split between longs ($32.7M liquidated) and shorts ($34.2M liquidated).
- Last week, Bitcoin temporarily broke below $30k as WSJ reported the SEC would block spot Bitcoin ETFs again. The applications, put forward by exchanges on behalf of entities such as BlackRock and Fidelity Investments, were found to be not “adequately detailed or exhaustive.”
- A source who wished to remain unnamed, as referenced by the Wall Street Journal, disclosed that the applications could not pinpoint the Bitcoin exchange that would participate in a “surveillance sharing agreement” (SSA) with Nasdaq and Cboe. Such an agreement is a requirement set by the SEC to help thwart fraud and manipulation in the fundamental market of a financial asset.
- Tomorrow, on July 3, Bitcoin ATM provider Bitcoin Depot plans to list on the Nasdaq, becoming the first crypto ATM operator to list on the Nasdaq.
- In June, Bitcoin’s correlation with the Nasdaq dropped to 3%, as Kaiko’s data suggests a sentiment split between cryptocurrencies and equities.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.