Proactive Investors - Bitcoin (BTC) briefly touched US$31,000 during Monday’s trading session before a bout of profit taking sent the benchmark cryptocurrency down to US$30,400 by the end of the session.
This morning, BTC/USDT added 0.4% to bring the pair back up to US$30,550.
For the most part, bitcoin has stayed firmly within the 30k031k sideways channel for three weeks now, as traders await good or bad news from BlackRock’s spot bitcoin exchange-traded fund application with the Securities and Exchange Commission (SEC).
Bitcoin bulls are eager to hold the 30k support line, but may face stiff resistance if BlackRock’s application plays out over a prolonged period.
Especially since bitcoin trading volumes are at four-month lows despite all the ETF buzz.
Can bitcoin stick above 30k despite low volumes? – Source: currency.com
Coinbase (NASDAQ:COIN) shows strength
In the equities space, Nasdaq-listed cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) is enjoying a rally on the stock market, closing over 3% higher at US$81.12 per share on Monday.
Coinbase is over 60% high month on month.
Despite facing intense regulator pressure in the US, the company’s recruitment as custodian for BlackRock’s (as yet unapproved) spot bitcoin exchange-traded fund has been a significant boost.
Back to the cryptocurrency markets, Ethereum (ETH) had a volatile Monday session, having surged above US$1,900 before retracting to US$1,880 come the midnight bell.
ETH/USDT added 0.2% in this morning’s Asia trades, bringing the pair to US$1,884 at the time of writing.
In the wider altcoin space, Solana (SOL) continues to outpace the market with another 5% added overnight, bringing week-on-week gains nearly 15%, despite no obvious catalyst.
Polygon (MATIC) is also faring well among the blue chips, adding nearly 10% overnight, while Cardano (ADA) and bitcoin hark fork Bitcoin Cash (BCH) added low single digits.
Global cryptocurrency market capitalisation currently stands at US$1.19tn after adding 1.7% overnight.
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