Bitcoin Surges Above $30,000; SEC approves first leveraged bitcoin futures ETF

Bitcoin fell Monday morning in Asia but held above the $30,000 line, while almost all other top 10 non-stable cryptocurrencies surged. The gains come as a number of traditional financial institutions have shown interest in launching crypto-related exchange-traded funds (ETFs), and the U.S. Securities and Exchange Commission approved the first leveraged bitcoin futures ETFs in the country on Friday. In the NFT market, a whale has sold Bored Ape Yacht Clubs.

Bitcoin has hardly changed

Bitcoin is down 0.35% to $30,444 in the last 24 hours as of 7:30 a.m. in Hong Kong, according to data from CoinMarketCap. The world's largest cryptocurrency by market cap is up 15.44% in the past seven days.

Ether is up 1.18% to $1,898, up 10.32% weekly.

Polkadot led gains among the top 10 unstable cryptocurrencies with a 24-hour gain of 3.28% and posted a weekly gain of 14.28%. Along with bitcoin, litecoin was the only token on the list to fall slightly, falling 1.48% over the past 24 hours but gaining 14.24% on the week.

As CoinDesk reported, the U.S. Securities and Exchange Commission (SEC) on Friday approved the country's first leveraged bitcoin futures ETF, offered by Florida-based Volatility Shares. According to the fund's website, the 2x Bitcoin Strategy ETF is scheduled to start trading on the CBOE BZX Exchange on June 27.

According to the prospectus, the ETF will not invest directly in bitcoin, but will seek to profit from price increases in bitcoin futures contracts for a single day. The fund is equivalent to twice the return of the S&P CME Bitcoin Futures Daily Roll Index.

This comes after BlackRock and WisdomTree recently filed filings with the SEC to launch spot Bitcoin ETFs. The regulator has given the green light to a number of futures-based crypto ETFs but has not approved spot products.

“The turmoil of 2022 has resulted in a loss of confidence in crypto institutions and presents an excellent opportunity for traditional financial institutions to enter the crypto market,” said Jonas Betz, crypto market analyst and founder of consulting firm Betz Crypto forcast last week.

In addition, New York-based investment bank JPMorgan Chase & Co. has launched euro-denominated transactions through its blockchain-based payment system JPM Coin, Bloomberg reported on Friday.

JPM Coin allows customers to transfer euros or dollars held in their JPMorgan accounts instantly and at any time of the day, as opposed to traditional banking transactions which are typically completed during business hours.

Bored dump at Ape Yacht Club

The indices are proxy measures of performance of the global NFT market. They are managed by CryptoSlam, a sister company of Forkast.News under the Forkast.Labs umbrella.

In the non-fungible token (NFT) market, the Forkast 500 NFT index fell 0.25% to 2,905.28 in the 24 hours ended 9:40 a.m. in Hong Kong. However, the index is up 1.08% this week.

According to data from CryptoSlam, NFT transactions on Ethereum fell by 2.49% to $18.38 million in the last 24 hours, while transactions on the Bitcoin network increased by 138% to $3.6 million .

“Ethereum is still struggling with falling prices, particularly in the Bored Ape Yacht Club (BAYC), whose average selling price remains in the low-to-mid $70,000 range,” said Yehudah Petscher, NFT strategist at Forkast Labs, the parent company of Forcast .message.

In the past few days, NFT whale Jeffrey Huang, aka Machi, has dumped dozens of his BAYC holdings. On Saturday, Machi sold 19 BAYC NFTs in one transaction on the Blur marketplace for 651.56 ether, or about $1.22 million.

BAYC's floor price as of Monday morning in Asia at Blur was 37.4 ether, up 4.18% over the past day but down 13.52% over the past week.

BAYC's revenue rose 26.11% in the last 24 hours to $3.43 million, for weekly sales of $13.11 million. Measured by transaction value, BAYC was the best-selling collection of the past day and week.

Ethereum-based Azuki NFT transactions surged 25.68% to $3.07 million in the past 24 hours, the highest by BAYC.

Azuki's floor price for Blur rose 1.78% over the past day but fell 9.21% on the week.

(Updates with details on NFTs in the introduction.)

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