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Peter Davis

An writer at FOMOdrive

  • Jul 03, 2023
  • 3 min read

Bitcoin closes above $31,000 for the first time in 13 months - what's going on?

Bitcoin gold coins in tech style on financial chart background

Following the SEC's response, Fidelity and other firms have revised their applications for Bitcoin ETFs.

Bloomberg and Bernstein observed that the likelihood of applicants being approved by the regulator had increased.

Hackers were able to exploit a vulnerability in a crypto project, resulting in the issuance of $42 billion worth of tokens.

There have been reports circulating on the internet regarding SEC Chairman Gary Gensler's resignation.

Peter Schiff foresaw Bitcoin plummeting to a value of zero.

On Monday, Bitcoin closed the day above $31,000 for the first time since June of last year. Investors are eagerly awaiting the decision of US regulators on the approval of a spot bitcoin ETF, which has been requested by a minimum of five companies.

Last week, CoinShares reported that investments in crypto funds had risen by $125 million, marking the second consecutive week of inflows. Of this total, $123 million was invested in bitcoin and $3 million in Ethereum. Meanwhile, investments in funds that enable shorting of bitcoin decreased by $1 million.

In the past two weeks, CoinShares reported an inflow of $334 million, representing nearly 1% of total AuM. Additionally, weekly trading volumes were strong at $2.3 billion, significantly higher than the year-to-date average of $1.5 billion.

After the SEC deemed previous proposals "vague and inexhaustible," Invesco, VanEck, 21Shares, WisdomTree and Fidelity have all submitted revised plans to introduce a spot bitcoin ETF.

According to Bloomberg, the likelihood of applicants being approved by the regulator has increased. Bernstein also believes that the SEC will not be able to maintain its previous stance on bitcoin-ETFs for much longer.

For the past 10 years, the SEC has denied over 30 applications for Bitcoin spot ETFs, much to the chagrin of Cameron Winklevoss, co-founder of the Gemini crypto exchange.

Bittrex has submitted a request to have the litigation with the SEC dismissed. The company claims that the SEC does not possess the power to regulate cryptocurrencies without the approval of Congress.

A joint survey conducted by Consensys and YouGov revealed that 92% of people around the world are aware of cryptocurrencies. Additionally, those living in countries with an unstable financial system are particularly interested in keeping them.

In Thailand, staking and lending of crypto assets have been prohibited by the country's regulator. Furthermore, exchanges have been instructed to provide users with comprehensive information regarding the potential risks of trading cryptocurrencies.

Bitcoin Depot, the first cryptocurrency ATM operator to be listed on a major US stock exchange, has announced its stock listing on Nasdaq.

Rumors of SEC Chairman Gary Gensler's resignation that were circulating online have been revealed to be a hoax created by artificial intelligence.

Hackers were able to exploit a vulnerability in the Poly Network blockchain protocol, issuing tokens worth a total of $42 billion. However, due to the lack of liquidity within the protocol, they were unable to convert all of the tokens into other cryptocurrencies and sell them on exchanges.

Peter Schiff, the well-known skeptic and president of Euro Pacific Capital, believes that eventually bitcoin will be destroyed. He believes that most investors do not have faith in the original cryptocurrency, but are merely hoping that someone will buy it at a higher price.

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