Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
First Mover Asia: Bitcoin Crosses $31K After Spot BTC ETF Issuers Begin Refiling

First Mover Asia: Bitcoin Crosses $31K After Spot BTC ETF Issuers Begin Refiling

CoindeskCoindesk2023/07/05 15:22
By:Sam Reynolds

PLUS: The first half of 2023 has so far been very promising for the crypto majors.

Good morning. Here’s what’s happening:

Prices: The market is optimistic that re-filed bitcoin ETF applications have legs.

Insights: Crypto majors are up in a big way during the first half of 2023 as the market repairs the damage from last year's catastrophes.

Bitcoin Crosses $31K After Bitcoin ETF Issuers Begin Refiling

Happy Fourth of July.

While many parts of the U.S. are off for an extended long weekend, market action has been tame.

Bitcoin began the Tuesday business day in Asia past the $31,000 mark at $31,153 as the after a few prospective bitcoin ETF issuers re-filed their applications.

“Enthusiasm for bitcoin is growing, propelled by efforts to revive spot bitcoin ETF applications,” Rachel Lin, CEO and co-founder of SynFutures, told CoinDesk in a note. “Its commanding presence in the crypto market is increasingly evident, making up nearly half of the industry's $1.2 trillion market cap, the most dominant it's been in over two years.”

The (CMI) is up 18 points to 1,318.

Meanwhile, prices of NFTs seem to be becoming disconnected from the price of ether as .

The Bored Ape Yacht Club's NFT collection since October 2021 with a floor price dropping below 30 ETH ($58,700), an effective halving since April, reflecting a broader slump in the NFT market. But considering ether’s continued performance, there seems to be more confidence in the protocol than this use case.

Last year was a rough year for crypto, a saga that began with rising interest rates, and continued through the year with the crash of Do Kwon’s LUNA, Three Arrows Capital’s collapse, and finally, FTX.

Data from Messari shows that 2023 has fared much better.

During the first half of the year, crypto majors – meaning the 43 tokens with a market cap of over $1 billion – were up an average of 34%. In comparison, this same group of tokens declined an average of 56% for the same period last year.

CoinDesk - Unknown

So far this year, bitcoin is up 84.6% compared to a falloff of nearly 60% for the first half of 2022.

But of all the major assets, Bitcoin Cash (BCH) performed the best, up a whopping 203% so far this year. , technical improvements to the protocol and the introduction of a framework that would allow for the development of dApps has likely pushed up investor interest in the asset class.

Other stand-out performers for the period include liquid staking platform Lido DAO (LDO), which rallied in February on comments from U.S. Securities and Exchange Commission (SEC) chair Gary Gensler’s and then on the .

Solana is also up 93% during the first half of the year, raising prospects for the layer-1 protocol, whose total value soared at the height of the 2021 bull market but then plummeted with the rest of crypto during 2022’s dark days.

12:30 p.m. HKT/SGT(4:30 a.m. UTC):

In case you missed it, here is the most recent episode of on :

Architect CEO and former FTX US president Brett Harrison joined "First Mover" to discuss the recent flurry of spot bitcoin ETF applications in the U.S. and his outlook on the intersection of artificial intelligence with financial services. Plus, Coinbase Institutional head of research David Duong shared his crypto markets outlook for July. And, Superstate CEO Robert Leshner discussed plans to create a short-term government bond fund using the Ethereum blockchain as a secondary record-keeping tool.

The hedge fund that filed for bankruptcy last year has been roasted by victims and crypto-industry observers in the wake of its epic collapse, but one partner, Kyle Davies, says "karma" motivates the founders to give back.

Refiled application by Nasdaq to list a BlackRock bitcoin ETF follows a report last week that the SEC deemed earlier proposals "inadequate" since they didn't specify the name of the underlying market in so-called surveillance-sharing agreements.

Central bankers acknowledge that the nature of money evolves with technology, shifting definitions of money with it. But they’re not ready to let innovation occur organically as technology emerges. They want to maintain control.

The floor price of the Yuga Labs NFT collection fell to 27.4 ETH, or about $53,000, on Sunday evening before rebounding slightly.

Edited by James Rubin.




112

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

Real World Assets (RWAs) bring real-world financial instruments such as bonds, real estate, and credit onto the blockchain, enabling tokenization, programmability, and global accessibility of traditional financial assets. With U.S. interest rates peaking, monetary policy turning dovish, and ETFs paving the way for institutional capital to enter the crypto space, RWAs have emerged as a leading theme capturing growing institutional attention.

Bitget VIP2025/07/04 09:33
Bitget VIP Weekly Research Insights

VIPBitget VIP Weekly Research Insights

The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.

Bitget VIP2025/06/27 10:33
Bitget VIP Weekly Research Insights

VIPBitget VIP Weekly Research Insights

Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.

Bitget VIP2025/06/20 08:38
Bitget VIP Weekly Research Insights