{"id":418317,"date":"2023-07-12T17:42:19","date_gmt":"2023-07-12T17:42:19","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=418317"},"modified":"2023-07-12T17:42:19","modified_gmt":"2023-07-12T17:42:19","slug":"bitcoin-price-prediction-as-13-billion-trading-volume-comes-in-what-is-the-next-btc-target","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-13-billion-trading-volume-comes-in-what-is-the-next-btc-target","title":{"rendered":"Bitcoin Price Prediction as $13 Billion Trading Volume Comes In \u2013 What is the Next BTC Target?"},"content":{"rendered":"
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.<\/p>\n
Furthermore, Cboe entered a tentative surveillance-sharing agreement with Coinbase, which has now been finalized.<\/p>\n
Cboe originally filed for a spot Bitcoin ETF<\/a> 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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<\/a>, ARK’s flagship Ark Innovation ETF sold around 135,152 shares of Coinbase Global. The sale fetched a total of $12.05 million.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n “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.<\/p>\n \"It's a moment of validation,\" says @Grayscale<\/a> CEO @Sonnenshein<\/a> on $BLK<\/a> aiming to launch a $BTC<\/a> 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<\/a><\/p>\n — Last Call (@LastCallCNBC) July 11, 2023<\/a><\/p><\/blockquote>\nARK offloads $12 million worth of Coinbase shares<\/h2>\n
Grayscale CEO calls BlackRock’s ETF filing a moment of validation for BTC<\/h2>\n
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