Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin experienced a surge in value on Monday evening following the news that Blackrock resubmitted its Bitcoin exchange-traded fund (ETF) application in the United States. The initial filing by BlackRock had been deemed inadequate by the Securities and Exchange Commission (SEC), but the company has now made amendments to include additional information. One significant detail is that Coinbase, the custodian for the proposed ETF’s Bitcoin holdings, will offer market surveillance to support the ETF. This development has generated positive market sentiment and led to increased interest from potential Bitcoin ETF issuers.
As a result of these developments, the price of Bitcoin crossed the $31,000 mark, providing a much-needed boost to the overall cryptocurrency market. Additionally, other cryptocurrencies such as Ethereum and Dogecoin also saw modest gains.
In terms of the broader cryptocurrency market, there were some notable gainers. Global Currency Reserve experienced a significant surge of 36.33% in just 24 hours, while Pepe and BitDAO saw gains of 15.21% and 9.76%, respectively. This indicates that there is still significant potential for growth and profit within the cryptocurrency space.
Despite these positive developments, the market as a whole remains rangebound, with Bitcoin trading between $28,000 and $31,500. Crypto traders have grown increasingly impatient, hoping for meaningful news regarding Grayscale’s lawsuit or further clarity on Bitcoin ETFs. Unfortunately, it may take some time before such news emerges, leaving traders in a state of uncertainty.
Analysts like Edward Moya, Senior Analyst at OANDA, believe that Bitcoin’s rangebound trading is a cause for concern. Meanwhile, crypto analyst Michael Van de Poppe highlights the lack of movement in the Altcoin market, leading to a lack of confidence among investors. However, the focus on Bitcoin’s price dominance should not overshadow the performance of other assets such as ETH, ADA, XRP, and BNB, which may be currently receiving less attention but still hold significant potential.
Overall, the resubmission of BlackRock’s Bitcoin ETF application has injected a sense of optimism into the cryptocurrency market. While the market remains rangebound and traders are growing impatient, it is important to stay informed and monitor developments across various cryptocurrencies. The performance of Bitcoin and other leading assets will continue to shape the trajectory of the market in the coming weeks.