Bitcoin-BTC price is falling, quickly resurfacing to highs of $30,000 as investors ponder ETF timing and inflation

Good morning Here’s what happens:

Prices: Bitcoin plunge back up $30,000 after falling on Wednesday afternoon.

Insights: Seoul’s widespread adoption of crypto and a favorable regulatory environment have helped the city become one of the world’s leading blockchain hubs.

Bitcoin rallies as investors remain optimistic

Bitcoin saw a brief reversal to the bad old days below $30,000 early Wednesday afternoon (ET) before bouncing back and returning to higher levels.

The largest cryptocurrency recently traded around $30,100, down 2.2% over the past 24 hours. After surging to its highest level in a year — above $31,300 — last week after BlackRock and two other major financial services firms filed spot bitcoin ETF filings, bitcoin has flattened as investors debate the possible timing of an SEC -Reflected and continued deciding on the ETF applications: inflationary pressures that have weighed on asset markets.

Still, Mark Connors, head of research at Canadian digital asset manager 3iQ, wrote in a message to CoinDesk that Bitcoin is up 11% this month, breaking away from the more sluggish performance of the past two months amid the more positive news.

“June was the biggest month for digital assets since November in terms of news flow,” Connors wrote. “It’s not uncommon for the market to take a breather.”

Connors also noted that bitcoin dominance had surged to a 26-month high. “It has only grown during this recent market decline as it outperforms ETH and other altcoins,” he wrote, attributing the decline to technical factors rather than any specific cause.

Bitcoin sentiment has turned bullish over the past week as CoinDesk’s bitcoin indicator surged into “substantial upleg” territory after weeks of being stuck in downturn zones. Earlier this week, European digital asset manager CoinShares reported its largest single weekly inflows in a year — mostly dominated by bitcoin-related products — after nine straight weeks of outflows

“Look at Coinbase, it’s up today and up 21% in the last 5 days,” Connors wrote. “If there were structural reasons for this move lower, COIN would have been affected as well.”

Coinbase ended Wednesday up more than 1%.

Investors will keep an eye on the Bitcoin price as the market approaches. Friday’s expiration of Bitcoin options contracts could result in a price surge or spike in price immediately afterwards.

Ether changed hands at $1,830, down 2.4% from the same time on Tuesday. Other major cryptos have been mostly down, with ADA and MATIC, the tokens of smart contract platforms Cardano and Polygon, each falling more than 6% recently. The CoinDesk Market Index, a measure of how crypto markets are performing, recently fell 2.3%.

The tech-heavy Nasdaq Composite continued its recent rally, gaining 0.2%, partly due to a record rise in tech device maker Apple’s share price to nearly $190 and a more than 2% gain in Tesla just days before the announcement of the The electric car maker’s second quarter was attributable to vehicle shipments. The S&P 500 was roughly flat and the Dow Jones Industrial Average (DJIA) was down slightly. Yields on 10-year US Treasuries and safe haven gold fell.

Binance and Coinbase match “Don’t Forget”

In an email, Craig Erlam, senior market analyst at forex market maker Oanda, expressed caution about the future path of cryptocurrencies.

“The SEC lawsuits against Binance and Coinbase are not forgotten, but they have certainly receded into the background and been overtaken by far more promising news streams,” Erlam wrote. “It looks like cryptocurrency is regaining some good momentum and the community may be wondering if this could be the kind of development that will reignite cryptocurrency enthusiasm.”

He added, “It’s obviously been a fantastic year for Bitcoin so far,” but a spring selloff “was another reminder that it doesn’t come without major setbacks.”

Seoul: Asia’s crypto retail capital carries on after Do Kwon

The capital, Seoul, tops the list in terms of regulatory structure and scores well in business-friendliness and digital infrastructure – all criteria where the government has a strong influence. Grassroots acceptance of cryptocurrencies places the country in the top 15% in the world in the Crypto Adoption Index. However, as the most populous hub of our last 15, it suffered from a low Opportunity Score, which is a measure of crypto jobs, businesses, and events per capita. However, the sparse posts could be due to a cultural or language barrier as we measured activity on Linkedin, Eventbrite and Meetup.com.

Earlier this year, XRP surged, and at first it wasn’t entirely clear why. It later turned out that this was just another example of how Korean retail investors have the power to move global markets. At the time, UpBit, Korea’s largest exchange, led global XRP trading volume with more than $790 million in tokens traded in 24 hours, overtaking the volumes of Binance, the world’s largest exchange.

This is only an example. Korean retailers are known for pumping up other coins as well – and no, this doesn’t just affect smaller altcoins. According to Coinhills, the Korean won is consistently among the top three most traded national currencies against bitcoin. In general, awareness of and interest in crypto is relatively high. Korea’s Financial Intelligence Unit (FIU) reported in September that there are nearly seven million registered crypto users in Korea. That is about 14% of the total population.

It is not surprising that such a powerful retail market would help put Seoul on the list of global crypto hubs. But Seoul is also attractive in many ways: it’s a fast-paced and entrepreneurial city in an often fast-paced and entrepreneurial region. It’s no secret that Asia’s importance in the crypto space is growing, especially following regulatory action in the United States.

Members of the South Korean crypto community explained the attractiveness of Seoul in a number of ways. One of them was the openness to experiments. Another reason was Korea’s gaming prowess. A third was simply his community of “builders”.

Read the whole story here:

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