Fun

News Feed - 2023-06-30 11:06:18

William Suberg9 hours agoBitcoin ‘overreacting’ as SEC returns ETF filings, BTC price dives 6%Bitcoin ETF applications need refiling, the SEC says, but as BTC price dips to $29,500, markets instantly fear that the fight is over.8464 Total views2 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin (BTC) fell below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first spot exchange-traded funds (ETFs).BTC/USD 1-hour chart. Source: TradingViewBureaucratic error may explain Bitcoin ETF filing hiccup


Data from Cointelegraph Markets Pro and TradingView showed BTC price action hurtling downward, briefly reaching $29,500.


The volatility accompanied a report that United States regulator the Securities and Exchange Commission had refused applications for the first Bitcoin spot-price ETF.


Those applications had kickstarted the latest BTC price rebound, one which had taken the largest cryptocurrency to new yearly highs.


Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure


Claims by The Wall Street Journal, which cited an unidentified source, that they had now been returned, saw BTC/USD hit nine-day lows before rebounding to circle $30,000.


The original report outlined the specific circumstances of the applications’ rejection, and reacting, market observers suggested that this amounted to little more than a technicality.


The WSJ stated that “the SEC told the exchanges that it returned the filings because they didn’t name the spot bitcoin exchange with which they are expected to have a ‘surveillance-sharing agreement’ or provide enough information about the details of those surveillance arrangements.”


“Asset managers can update the language and refile,” it added.Think the market is overreacting here, seems like the "denial" is just a technicality and Blackrock/Fidelity just have to refile naming Coinbase as the exchange that they have a "surveillance-sharing agreement" with— Will Clemente (@WClementeIII) June 30, 2023


“This could even be interpreted that the SEC are indicating to BlackRock, what they need to do, to get this across the line and approved... which is also positive,” financial commentator Tedtalksmacro argued in a more optimistic take.Rate hike bets surge despite PCE data beating expectations


Bitcoin nonetheless traded down over $1,000 versus the day"s highs at the time of writing.


Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’


Its losses come at a prescient time, with the monthly and quarterly candle close due in a matter of hours.


Separately, U.S. macroeconomic data provided further confusion for risk asset markets more broadly. 


The Personal Consumption Expenditures (PCE) Index print came in lower than expected and even managed its biggest drop in a year. BREAKING: PCE inflation, the Fed’s preferred inflation metric, FALLS to 3.8%, below expectations of 4.6%.

Core PCE inflation is now at 4.6%, also below expectations of 4.7%.

This is the largest monthly drop this year.

The Fed may finally be winning the fight against inflation.— The Kobeissi Letter (@KobeissiLetter) June 30, 2023


Despite signals that inflation is slowing, however, markets began to price in a bigger chance of interest rate hikes returning in July.


The latest data from CME Group’s FedWatch Tool put the odds of a 25-basis-point hike next at nearly 90%.


Responding, financial commentary resource The Kobeissi Letter argued that inflation was simply too high despite the result.


“Interest rate expectations are RISING after the release of PCE inflation data this morning. But why?” it queried.“Core PCE inflation, the Fed’s preferred inflation metric, is now UNCHANGED since December 2022. Core PCE inflation is now at 4.6% and still a major problem for the Fed.”Fed target rate probabilities chart. Source: CME Group


Magazine: How smart people invest in dumb memecoins: 3-point plan for success


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# SEC# ETF# MarketsAdd reactionAdd reactionRelated NewsHow to create and sell Bitcoin NFTsThe SEC is targeting Coinbase, Binance as proxies in its war on cryptoDon’t be naive — BlackRock"s ETF won"t be bullish for BitcoinBlackRock Bitcoin spot ETF nod ‘unlikely in near term’ — QCP CapitalBitcoin holds $30K as bulls flaunt their advantage in Friday’s $715M BTC options expiryWill $30K be a new springboard for Bitcoin bulls?

News Feed

Swarm, Ethereum’s Storage Network, Announces Mainnet Storage Incentives and Web3PC Inception
Swarm, Ethereum’s Storage Network, Announces Mainnet Storage Incentives and Web3PC Inception press release PRESS RELEASE.Swarm, the decentralised storage and communication system
Analyst eyes Ether 'major push' to $3.5K amid traders betting on upswing
Ciaran Lyons1 hour agoAnalyst eyes Ether "major push" to $3.5K amid traders betting on upswingA crypto analyst says Ether could make a "major push" to $3,500 if it holds a $2,800 weekly close. Meanwhile, future
”Decentralized Networks a Powerful Phenomenon” – Why the SEC Commissioner Proposes Time-Limited Grace Period for Tokens
”Decentralized Networks a Powerful Phenomenon” – Why the SEC Commissioner Proposes Time-Limited Grace Period for Tokens U.S. Securities and Exchange Commission (SEC) Commis
Japan’s Police and FSA Publish a Joint Cyber Warning to Crypto Firms, Link Attacks to Lazarus Group
Japan"s Police and FSA Publish a Joint Cyber Warning to Crypto Firms, Link Attacks to Lazarus Group According to the National Police Agency (NPA) in Japan, North Korean hackers fro
Tom Mitchelhill7 hours agoBinance and CEO Changpeng Zhao ask court to dismiss SEC suitBinance Holdings, its U.S. counterpart, and CEO Changpeng Zhao have filed motions seeking the dismissal of a lawsuit against them by t
Marcel Pechman3 hours agoCardano price turns bullish, but is there substance to the ADA rally?Cardano’s DeFi footprint and network activity show an uptick in users, but will it be enough to sustain ADA’s recent bulli
Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff
Report: NFT Firm Candy Digital Cuts Over a Third of the Company’s Staff With non-fungible token (NFT) sales a lot lower than they were at the start of the year, NFT companies and
Bitcoin’s impending ‘death cross’ might not be ‘so deadly’ for BTC bulls — Analyst
Nancy Lubale1 hour agoBitcoin’s impending ‘death cross’ might not be ‘so deadly’ for BTC bulls — AnalystBitcoin appears on the verge of confirming a death cross, but one analyst says historical data suggests
Ghana Changes Mind on IMF Bailout Days After Residents Staged Protests Against Worsening Economic Situation
Ghana Changes Mind on IMF Bailout Days After Residents Staged Protests Against Worsening Economic Situation The Ghanaian government has reportedly changed its mind and will now see
Ethereum Weekly Candle Hints At Pre-Tower Top Formation – Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin ETFs see $15M comeback as BTC price taps best close in 10 days
William Suberg1 hour agoBitcoin ETFs see $15M comeback as BTC price taps best close in 10 daysBTC price strength continues to enjoy a flash turnaround this week as analysis says Bitcoin ETF bid interest is "back&quo
Solana activity flips Ethereum amid memecoin craze, even as txs fail
Tom Mitchelhill7 hours agoSolana activity flips Ethereum amid memecoin craze, even as txs failDegens were piling into Solana-based memecoins such as Book of Meme and SNAP as the network struggled to keep up with the surg