Bitcoin (BTC) rallied to a fresh 13-month high above $31,500 early Thursday morning before falling back to the current $31,100, up more than 2% on the day. The world’s largest cryptocurrency by market value has been trading above $30,000 for a few weeks but has struggled to break through the $32,000 mark. “For the bitcoin rally to continue, we need confirmation that the SEC will approve a spot bitcoin ETF in the US,” said Edward Moya, senior analyst at Oanda. However, the biggest gainer among large-cap cryptocurrencies on Thursday is Bitcoin Cash (BCH), which is up more than 12% and its major uptrend following its listing on EDX Markets, which is backed by Fidelity, Charles Schwab and Citadel Securities continues. Gains could continue in July as data from TradingView shows this month to be a good month for cryptos historically. A year ago in July, BCH was up 34% while BTC was up 17%.
BlackRock CEO Larry Fink said in an interview with Fox Business on Wednesday that cryptocurrencies, particularly bitcoin, could revolutionize the financial system. “We believe that greater tokenization of assets and securities — that’s Bitcoin — could revolutionize finance,” he said. Fink, previously known as a cryptocurrency skeptic, suggested years ago that fans of the asset class often used them for “illegal activities.” Fink continued, “Rather than investing in gold to hedge against inflation, a country’s pesky problems, or your currency devaluing, no matter what country you’re in — let’s be clear that Bitcoin is an international asset .” is not based on any specific currency, so may represent an asset that people can play as an alternative.”
Circle is considering issuing a stablecoin in Japan after a law regulating stablecoins in that country went into effect on June 1, said Jeremy Allaire, co-founder and CEO of the payments service provider. In an interview with CoinDesk Japan, Allaire said that Japan would become an extremely large market if stablecoins were more widely used for cross-border trading, foreign exchange transactions, and global trading. Japan’s stablecoin law makes it one of the first countries to create a framework for using foreign stablecoins, which Allaire sees as “the most important thing the government and the Financial Services Agency have done.”
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