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Peter Davis

An writer at FOMOdrive

  • Jul 03, 2023
  • 3 min read

What's next for Bitcoin in July?

Golden Bitcoin coin on financial chart background

At the end of June, Bitcoin had increased by 12%, resulting in a total growth of 84% since the start of the year.

BTC has had a successful July.

Fidelity, yet another giant, has submitted a request to the SEC to introduce a Bitcoin ETF (Exchange Traded Fund).

The Securities and Exchange Commission (SEC) has expressed disapproval of the applications for the introduction of bitcoin exchange-traded funds (ETFs) submitted by BlackRock and other companies.

North Carolina may consider investing in Bitcoin.

K33 Research has observed that Bitcoin has been growing mainly during the American session, largely due to institutional investors such as BlackRock, Fidelity, and Citadel. Furthermore, the BTC rate has recently had little correlation with the stock market, and for the first time since January 2021, the correlation has become negative. K33 Research anticipates that this trend of growth will continue.

Fred Thiel, the CEO of Marathon Digital, a mining company, has also highlighted the diminishing correlation between bitcoin and gold, which are seen by investors as financial risk hedging instruments.

Fidelity Investments, a major investment firm, has submitted a request to the SEC to introduce a Bitcoin ETF. This follows similar moves by BlackRock, Valkyrie, WisdomTree and Invesco in the last two weeks. Paul Grewal, General Counsel of Coinbase, has stated that the US investment sector requires a spot version of the Bitcoin ETF.

The Nasdaq and CBOE exchanges were informed by the SEC that the applications for spot bitcoin ETFs from BlackRock, Fidelity and others were not "clear and comprehensive" and did not provide enough information regarding the joint supervision agreement or the details of this mechanism, according to the Wall Street Journal's sources. The CBOE intends to revise and resubmit the documents.

The North Carolina House of Representatives has passed a bill that would permit the State Treasury to invest in gold and bitcoin. This bill will now be sent to the Senate for consideration, and if approved, will then be presented to the governor of North Carolina for final approval.

A survey conducted by the trading platform Binance revealed that 88% of institutional investors have a positive outlook on the long-term prospects of cryptocurrencies.

The CME plans to launch a futures for the ETH/BTC cryptocurrency pair on July 31, pending regulatory approval.

Mastercard has unveiled the Multi-Token Network (MTN) platform, a pilot project for tokenizing bank deposits, which will be available in the UK this summer.

Vodafone Germany has selected the Cardano blockchain for its own set of Non-Fungible Tokens (NFTs) due to the size of the community, the stability of the network, and its inter-network capabilities.

At the end of June, Bitcoin had a 12.1% increase in value, reaching $30,400. Over the course of the year, the cryptocurrency has seen an impressive 84% growth. According to Bloomberg, if Bitcoin continues to gain strength in the upcoming months, altcoins may experience capital outflows.

July is typically a successful month for Bitcoin (BTC). Over the past 12 years, BTC has ended the month up 8 times and down 4 times. On average, the increase was 22.3%, while the average decrease was 8.8%. If BTC ends July on a positive note, it could be around $37,200. If it ends on a negative note, it could be around $27,700.

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