Another week in crypto and what’s in store? More SEC potshots? Fresh “FUD” for Binance? Or hopium-fuelled injection thanks to BlackRock?

Probably a little bit of columns A, B and C.

The crypto market has been riding relatively high (compared with the past week of dips) over the weekend – largely thanks to optimism around the BlackRock spot Bitcoin ETF filing, which made news on Friday.

While that was happening, the stock markets had been rallying somewhat on the news that China has been rate-cutting in efforts to boost its economy and inject liquidity. As Eddy “Market Highlights” Sunarto reports, however, the US stonks rally did hit the pause button leading into the weekend, so we’ll have to wait and see what’s in store after the American long weekend.

BlackRock, though… and here’s what eToro’s widely quoted market analyst Josh Gilbert thinks about that news…

“The news on Friday that the world’s largest asset manager, Blackrock, has filed for a bitcoin ETF is a massive win for bitcoin, helping to move the asset back above $26,500.

“There has been plenty of noise around a bitcoin ETF for years, so investors shouldn’t get too ahead of themselves. But when it comes to ETFs, BlackRock knows a thing or two, with 575 accepted applications and one denial.

“A bitcoin ETF provides the opportunity for trillions of dollars of institutional investment to flow into the asset, which it has lacked over the years, as well as a wave of new retail investment. This could be the key to helping bitcoin reach new highs.”

Did you catch that important sliver of information in there? BlackRock has a hit rate of 575 accepted ETFs in 576 applications. It almost absolutely never fails to get what it wants. And it wants Bitcoin.

As for the Binance fear, uncertainty and doubt, there has been some freshly laid “FUD”, according to the exchange’s global boss, CZ. And that relates to the fact Binance’s French operation in Paris has apparently been investigated by regulatory authorities there with no notice, not long after the exchange announced it was pulling out of another European country – the Netherlands – due to regularity roadblocks.

CZ reckons that’s all business as usual, however…

Meanwhile, perhaps the market is bored with Binance fears, because it doesn’t seem to have reacted at all to this news. Also, a US court has rejected the SEC’s attempt to temporarily freeze Binance.US’s funds, ordering instead that the two parties figure out an acceptable agreement. That one might be heading for yet another settlement payday for the SEC’s coffers and a mere slap on the wrist for Binance, but we shall see.

 

Top 10 overview

With the overall crypto market cap at US$1.1 trillion, pretty flat since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Don’t mean to be a Debbie downer here, but this bit of technical analysis from popular Crypto Twitterer Rekt Capital doesn’t support a sustained short-term rally. Here he is, calling a crucial old level of support, the 200-week moving average, a potential wall of resistance that might provoke a rejection and “additional downside”…

Bearing (no pun intended) in mind, however, that’s just one flip of the technically analytical coin. Here’s another…

 

Uppers and downers

Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

PUMPERS (11-100 market cap position)

• CyberHarbor (CHT), (market cap: US$431 million) +17%

• Shiba Inu (SHIB), (market cap: US$4.24 billion) +4%

• Curve DAO (CRV), (market cap: US$533 million) +1%

 

SLUMPERS

• KuCoin (KCS), (market cap: US$672 million) -7%

• Pepe (PEPE), (mc: US$395 million) -4%

• Render (RNDR), (mc: US$727 million) -4%

• Kaspa (KAS), (mc: US$364 million) -4%

• Injective (INJ), (mc: US$478 million) -4%

 

Around the blocks

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

Hi, Gary Gensler… are you watching your back, buddy?

Can we expect more upside from the BlackRock BTC narrative? It’s possible that it might simply be left to simmer for now. Crypto loves a sugar hit, but nothing on this has been approved… yet… Follow-the-money traders and investors will be waiting and watching, however.

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