Breaking Free from the Bitcoin Mold: Unveiling the Coin That Could Steal the Crypto Crown

Updated: 04 July 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin’s price bounced back up with the start of July, negating the price crash caused on the last day of June, when the US SEC rejected all spot Bitcoin ETF proposals.

On June 30th, the coin crashed from $31,000 to $29,953 in mere hours. The price recovered quickly enough, although a resistance at $30.75k stopped it.

The resistance kept the price from going further up throughout the weekend, July 1st and 2nd, as well as during the first half of Monday, July 3rd. However, later in the day, the resistance at $30.75k broke, and Bitcoin’s price skyrocketed to $31,350.

After reaching this level, BTC price was briefly rejected, dropping to $31k, which started acting as a new major support level.

With the start of Tuesday, July 4th, the price started growing up again, this time reaching $31,324 before it got rejected again. The coin briefly dropped to $30,900 before it recovered above $31k once more. At the time of writing, the Bitcoin price sits at $31,044.

While many among the experts were expecting the coin to climb, there are also those who expect the coin to see a rapid dump. One analyst revealed that they believe BTC might reach $34k before dumping to $22,690-$22,000 level.

BlackRock returns for another round with the SEC

The current bull run was started by BlackRock, the world’s largest money managing financial institution, which filed for Bitcoin spot ETF around two and a half weeks ago, on June 23rd.

Followed by a number of other firms, including Fidelity, eventually, the companies’ ETF filings fueled speculations which drove the price further up.

However, the SEC rejected all ETFs last Friday, June 30th, stating that they lacked clarity. The move was criticized by many, including Cameron Winklevoss, who pointed out that the current wave of ETF filings were among the most advanced and most sophisticated.

Even so, the regulator had spent a decade rejecting Bitcoin ETF proposals and decided not to allow a single one even now.

BlackRock responded by refiling its proposal, which was likely one of the main reasons why the price managed to break the resistance at $31k, and turn this level into a support.

The speculation and excitement returned to the crypto industry following the move, especially as BlackRock’s strategic partnership with Coinbase was revealed.

Another thing that the SEC listed as a reason for dismissing the ETF proposals was concern about surveillance data-sharing agreements.

With limited time that BlackRock had to address the concern, many are questioning whether the company managed to update its filing to appease the regulator.

BlackRock's ace against ARK, Fidelity, Invesco and all others. Possibly the reason why BlackRock gets the first approval of a spot #Bitcoin ETF. https://t.co/QLH24LGCeu

— Jake Simmons (@realJakeSimmons) July 3, 2023

Bitcoin miners continue to send BTC to exchanges

Another noteworthy development involves Bitcoin’s miners, who have been sending BTC to crypto exchanges for some time now. According to recent reports, the miners sent 54,000 BTC to Binance in the last three weeks.

Despite this, there was no significant change in BTC-USD open interest. It appears that miners are simply interested in spot selling rather than filing collaterals to enter new long positions.

#Bitcoin miners sent 54k $BTC to Binance in the past 3 weeks.

No significant change in BTC-USD open interest, suggesting less likelihood of filling collaterals to punt new long positions. Spot selling seems more likely, imo.https://t.co/Sjlg5WYulw pic.twitter.com/iFqNd1jMIA

— Ki Young Ju (@ki_young_ju) July 4, 2023

Bitcoin’s trading volume in the last 24 hours sits at $15.8 billion, while its market cap is above $600 billion, further encouraging this idea.

A new altcoin steals the spotlight

While speculation regarding Bitcoin is reaching an extreme high, some investors have dedicated their funds and efforts to new arrivals to the crypto market.

One of the biggest examples of this is Launchpad XYZ (LPX) — a Web3 project that aims to deliver tools to users who wish to be successful in the Web3 sector.

The project offers tools that would provide insight, learning materials, trading-related products, and tools involving analytics and strategy. It is also worth noting that Launchpad XYZ captured the market’s attention while it is currently still in its presale stage.

So far, the project has managed to raise $1.08 million, with its token currently on sale at a price of $0.0445 per unit. The project aims to reach a milestone of $1.55 million raised before entering the next stage of the presale when the token’s price will go up to $0.046.

However, purchasing at this price will still be worth it, as the token’s listing price was set to $0.0565. Interested investors can buy the token with ETH, BNB, USDT, or via credit and debit cards.

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