Bitcoin Price Prediction as $13 Billion Trading Volume Comes In

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After spending several days at the support at $30,200, Bitcoin price started recovering this Tuesday, July 11th. The recovery was likely influenced by the Cboe’s move to re-file its amended spot Bitcoin ETF application, once again following in BlackRock’s footsteps.

Furthermore, Cboe entered a tentative surveillance-sharing agreement with Coinbase, which has now been finalized.

Cboe refiles its Bitcoin ETF application

Cboe originally filed for a spot Bitcoin ETF on behalf of several asset managers, but the SEC returned the filings to the company on June 30th, just like it did with other candidates.

The regulator specifically said that the filing did not identify or detail the surveillance-sharing agreement. Given that this was the regulator’s only complaint, Cboe entered into a surveillance deal with Coinbase, and refiled the application.

The move caused a minor Bitcoin rally that allowed the coin’s price to surge from $30.4k to $30.75k within a few hours. After the price corrected itself to $30.5k, it attempted to go back up, only to hit a minor resistance at $30.65k. However, even this minor resistance was enough to prevent it from surging further.

The coin traded sideways for about 12 hours, starting late on July 11th, before finally breaking the resistance earlier today, July 12th. Unfortunately, even after the resistance was broken, the price did not go far, hitting a major barrier of $30.8k.

Bitcoin peaked at $30,824 mere hours ago before its price dropped back down to $30,667, which is where it sits at the time of writing.

ARK offloads $12 million worth of Coinbase shares

Interestingly, as the price started to grow, Cathie Wood’s ARK decided to react by offloading $12 million worth of Bitcoin-linked stocks. According to reports, ARK’s flagship Ark Innovation ETF sold around 135,152 shares of Coinbase Global. The sale fetched a total of $12.05 million.

Another interesting detail is that Coinbase’s shares rallied after its partnership with Cboe was made public. The company previously surprised analysts by seeing a stock price increase despite the SEC’s lawsuit in early June. With the Cboe partnership, Coinbase shares went up by another 9.78%, reaching the price of $89.15 per share on Tuesday.

ARK’s decision to sell Coinbase shares also came as a surprise, given that the company did not sell a single Coinbase share following the SEC’s lawsuit.

Even Coinbase executives sold a portion of their shares, but ARK decided to keep them, only to sell over 135,000 of them with the recent rally.

Grayscale CEO calls BlackRock’s ETF filing a moment of validation for BTC

Michael Sonnenshein, the CEO of Grayscale Investments, commented recently on a surge of Bitcoin spot ETF filings and refilings that came after the SEC’s initial rejection. He called it a moment of validation for Bitcoin in an interview earlier today, July 12th.

“To see, literally, the largest asset manager in the world publicly commit to advancing their crypto efforts only lends to the validity of the asset class and the staying power it has,” he said.

"It's a moment of validation," says @Grayscale CEO @Sonnenshein on $BLK aiming to launch a $BTC spot ETF. "To see the largest asset manager in the world publicly commit to advancing their crypto efforts only lends validity to the asset class and the staying power that it has." pic.twitter.com/agt7emHWt0

— Last Call (@LastCallCNBC) July 11, 2023

Grayscale also expressed interest in Bitcoin ETF, as this wuld allow investors to trade the price of Bitcoin in a simpler way, unlike the method they had to use until now.

So far, investors were allowed to trade shares in trusts holding large pools of BTC using the Grayscale Bitcoin Trust (GBTC)

Today, our attorneys filed a letter with the DC Circuit highlighting the disparity between the SEC’s approval of a leveraged #bitcoin futures ETF while continuing to deny approval of spot bitcoin ETFs like $GBTC. Let’s dive deeper. 🧵/6 pic.twitter.com/z7WyGBthhT

— Grayscale (@Grayscale) July 10, 2023

What is next for Bitcoin?

While all of the mentioned events contributed to Bitcoin’s recent price recovery, the question now is where is the coin going next?

Some analysts believe that the breakout is coming. While they admit that the coin’s price seems to be in waiting mode, with a pattern that usually signals a bearish wave, the fact is that the price paused in the higher end of the formation.

This indicates that it could break to the upside, assuming that it receives a proper catalyst.

Others have also commented on the coin’s unusual behavior, as Bitcoin still remains stuck between $30k and $31k. Historically, Bitcoin does not usually sit still for very long, and all of its volatility in the past several weeks has been very minor.

Many expected the coin to move in either direction, breaking the support or breaching a resistance.

While there were plenty of positive and negative events recently, it appears that both have happened in equal enough measure to prevent BTC from picking a side in which it was going to move.

Wall Street Memes enters the next phase after raising $14 million

While Bitcoin’s price may be uncertain, many investors seem quite interested in the new meme coin called Wall Street Memes (WSM). The token has managed to raise $14 million over the last several weeks, and its presale is currently still ongoing. At the time of writing, the project raised a total of $14.24 million, and it just entered the next phase which will last for another five days.

The token’s price at the time of writing is $0.0316 per WSM, and at the end of this stage in its presale, the price will increase to $0.0319. Those interested in buying it can do so with ETH, BNB, USDT, or via credit/debit card.

Wall Street Memes was inspired by a subreddit called WallStreetBets, which consists of amateur investors who enjoy discussing different market opportunities. The subreddit became well-known in early 2021, after institutional investors started shorting the stocks of GameStop and several other firms.

Institutions sought to make a profit, but Redditors were concerned about their actions, which would destroy these companies. So, they decided to take a stand and started buying targeted shares, eventually boosting their prices and causing institutions to lose money.

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