Skip to main content

Blackrock Bitcoin ETF Filing Announcement Propelled BTC in Q2 — Study

According to the latest Coingecko report, during the second quarter (Q2) of 2023, the U.S. dollar value of BTC grew by nearly 7% while that of the entire crypto market capitalization only went up by 0.14%. In contrast, BTC’s average daily trading volume during the period fell by 58.7% from the $33.4 billion seen in Q1 to $13.8 billion.

Effect of Blackrock’s Bitcoin ETF Filing Announcement

During the second quarter of 2023, the fiat price of bitcoin (BTC) grew from $28,517 to $30,481, a gain of 6.9%, data from the latest Coingecko Crypto Industry Report has shown. The top crypto asset’s Q2 gain dwarfs the entire crypto market’s marginal growth of 0.14%. According to the industry report, the June 15 announcement by giant asset management Blackrock that it had filed a spot bitcoin exchange-traded fund (ETF) was a key factor behind BTC’s surge.

Blackrock Bitcoin ETF Filing Announcement Propelled BTC in Q2 — Study

However, despite trending upward for much of that quarter, the crypto asset’s traded volumes in U.S. dollar terms were significantly lower.

“Average daily trading volume declined 58.7% on a quarterly basis, from $33.4 billion in Q1 to $13.8 billion in Q2. This is despite the fact that BTC prices trended upwards throughout Q2,” the report said.

Contrasting Fortunes of ETH Staking Providers

Meanwhile, unlike BTC and the entire crypto market which trended upwards, the market capitalization of stablecoins shrank by $4.6 billion. USD Coin (USDC) and Binance USD (BUSD) lost $5.18 billion (-15.9%) and $3.43 billion (-45.4%) in market cap respectively. In contrast, USDT, which is the most dominant stablecoin, saw its market cap grow by $3.48 billion during the same period. Other stablecoins that registered gains include True USD which added $1.02 billion to its market cap. Gemini Dollar, Flex USD and Paxos all their respective market caps grow by double-digit figures.

In the same period, the total staked ethereum (ETH) increased by 5.6 million to end the quarter at 23.6 million. As noted in the report, staking providers like Lido and Kraken had contrasting fortunes during the period. The report explained:

Lido remained the dominant staking provider, with 31.9% of all staked ETH. This represents a slight increase from its 31.4% market share in Q1. Meanwhile, Kraken’s dominance fell to 3.4% as it winds down its staking product in the U.S. following a settlement with the SEC. The exchange had a -36.2% drop in staked ETH QoQ [quarter-on-quarter]. Coinbase’s dominance also fell by -3.5% in Q2, ending the quarter with a 9.6% market share.

Concerning non-fungible token (NFT) traded volumes, the data in the report indicates that Bitcoin ordinals accounted for just over 20% of May’s volumes. However, Ethereum was still the most dominant platform for NFT trading during that month and over the entire period.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/MU7OGDI
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more