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Bitcoin, Ethereum, Dogecoin Rise After SEC Labels ETF Filings From BlackRock, Fidelity ‘Inadequate’ – Analyst Says King Crypto Could Touch $310,000 If Institutions Do This




Major cryptocurrencies traded in the green the following Sunday evening The Security and Exchange Commission (SEC) said the current Bitcoin ETF registrations were “inadequate”.

Cryptocurrency Wins +/- Price (admission at 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) +0.47% $30,779
Ethereum (CRYPTO: ETH) +1[ads1].51% $1950
Dogecoin (CRYPTO: DOGE) +1.20% $0.068

What happened: This week is expected to be eventful with several significant economic developments. On Wednesday, the FOMC minutes from June will be published. Thursday will bring JOLT’s job openings report, followed by the release of new unemployment figures on Friday.

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Top Gainer (24 hours)

Cryptocurrency Wins +/- Price (admission at 9:30 p.m. EDT)
Compounded +27% $66
The graph +19.60% $0.12
Filecoin +13.41% $4.59


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At the time of writing, the global crypto market capitalization was $1.12 trillion, an increase of 0.79% in the last day.

U.S. stock futures were little changed Sunday night, signaling the start of the second half of a remarkable year on Wall Street. Futures linked to the S&P 500 and Nasdaq-100 are trading flat.

See More: Best Crypto Day Trading Strategies

Analyst Notes: “Bitcoin plunges from $31,000 level after WSJ reports SEC says spot Bitcoin ETF filings are insufficient. Regulator comments on BlackRock and Fidelity’s filings,” wrote Edward MoyaSenior analyst at OANDA in a note seen by Benzinga.

He adds, “Bitcoin is trading around the $30,000 level, but a new catalyst is needed to spark bullish momentum above the $34,000 level.”

According to cryptanalyst Michael Van de Poppe, Bitcoin is currently experiencing a classic weekend liquidity sweep. It is crucial for Bitcoin to keep its price above the $29,800-$29,900 range.

“I prefer to see Bitcoin target $30,750 and start rallying to the high area to take liquidity above the tops,” Van de Poppe said.

Bitcoin price could potentially rise ten times its current value, according to on-chain analyst, Willy Woo. “What would the price do if these guys put 5% of assets under management AUM in BTC?” asked the analyst.

“My calculations estimate around $310,000 per coin. It will really depend on whether they distribute in a bearish or bullish phase of the market, but the range will be between $128,000 – $398,000. Right now it’s $310,000.”

Read Next: Jim Cramer advises against using Binance, provokes strong reactions from Twitter users

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.



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