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Here’s what happened in crypto today

  • July 10, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

BItcoin (BTC) price briefly re-captured the $31,000 level on July 10, sparking hopes that the sticky resistance zone would soon flip to support. 

The move happened on the same day that Standard Chartered forecast its expectation of Bitcoin price hitting $50,000 this year and a new all-time high at $120,000 at some point in 2024.

From a traders’ point-of-view, the BTC weekly chart shows the price trading in a cup and handle formation. Many traders believe the cup and handle technical analysis pattern is a bullish pattern and Bitcoin’s current trading range at the $30,800 level is at the neckline of the pattern.

In the view of technical analysis, flipping the $32,000 level to support for a few daily closes would be confirmation of the pattern, potentially leading to a price target in the $48,000 to $58,000 level.

Bitcoin miners continue to send their mining rewards to exchanges, extending the trend seen since last week.

The action appears to be having limited impact on BTC price and on-chain data shows Bitcoin holders of smaller and larger cohorts continuing to accumulate on dips.

Bitcoin price dislocation remains and BTC Ordinal trading volume surges

Bitcoin is selling for a $3,000 discount on United States crypto exchange Binance.US amid an ongoing halt of USD deposits and a new announcement confirming when USD withdrawals will end. 

Meanwhile, Bitcoin Ordinal trading volume increased 2834% in Q2 to $210.7 million and analysts at JPMorgan Chase have thrown cold water on the notion that a spot Bitcoin exchange-traded fund (ETF) in the United States will have a meaningful impact on price. Here’s what happened in crypto today.

Coinbase shares up 50% since SEC lawsuit

Although the Coinbase cryptocurrency exchange is facing a securities violation lawsuit in the United States, the company’s stock has been on the rise.

Coinbase stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities.

According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%.

Coinbase 30-day price chart. Source: TradingView

Amid significant growth, some major Coinbase stockholders have continued selling some of their shares.

On July 6, a number of senior Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 shares worth about $6.9 million.

Bitcoin sells at $3,000 discount on Binance.US as USD becomes more scarce

A month-long halt on U.S. dollar deposits and a closing window for withdrawals have seen th price of Bitcoin fall by nearly $3,000 on Binance.US when traded against the USD. 

On July 9, a swathe of crypto users began noticing a widening price discrepancy between cryptocurrencies listed on the United States crypto exchange and their global spot prices, with many calling it a “depeg” of cryptocurrencies.

Bitcoin is trading at $27,536 on the exchange against the U.S. dollar, which is around an 8.5% discount from global spot USD prices of $30,106 at the time of writing. Ethereum is also trading at a discount, around $200, while Tether (USDT) is trading at $0.915 on the exchange.

However, most arbitrage opportunists will be unlikely to capitalize on the discounts.

The price discrepancy only applies when fiat-USD is used to trade for cryptocurrencies such as Bitcoin.

USD deposits, however, have been suspended since June 9. Meaning that those wanting to benefit from the arbitrage won’t have any effective means of bringing new USD into the exchange.

Spot Bitcoin ETF won’t be a game changer in the United States — JPMorgan

Investors banking on a massive bull run following the approval of a U.S. spot Bitcoin ETF will be disappointed, according to analysts at JPMorgan. To understand why, we can look at spot Bitcoin ETF markets in Canada and Europe. These funds have “attracted little investor interest” over the past two years and have failed “to benefit from investor outflows from gold ETFs,” said JPMorgan managing director Nikolaos Panigirtzoglou.

The U.S. Securities and Exchange Commission is currently entertaining several spot Bitcoin ETF applications, including one from BlackRock that has stoked investors’ anticipation about a possible approval. That’s because BlackRock has filed 550 ETF applications and has only been rejected once. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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