Events in the financial markets without much impact on the bitcoin rate

Bitcoin price is still in the region of USD 29000 to USD 30000 despite the very high volatility prevailing in traditional markets. We are talking about stock indices or the US dollar, which has definitely strengthened since yesterday after better data from the US economy. Even the decisions of central banks as a rate hike by Fed, EBC whether the change regarding the more flexible yield curve control policy in Japan did not significantly affect the price of BTC.

Moderate volatility on Bitcoin

The 14-day ATR, measuring the average daily volatility for the past two weeks, fell to $831, its lowest since February 2023. The last time we saw a volatility low was in January 2023, when the ATR fell to $385. It is also worth remembering that volatility is characterized by the fact that after periods of its decrease, it starts to increase again.

The dominance parameter has also stabilized Bitcoin. Currently, the capitalization of this cryptocurrency is 49,7% of the entire market and has not changed much since July 14, where it dived from 51%. From the point of view of potentially important levels for bitcoin quotations, it is worth paying attention to the support area at USD 28000, i.e. at the May 30 peak. Further potential support could come from the mid-June low at $25000. Meanwhile, the way to higher levels could be opened only when BTCUSD quotes exceeded USD 31500. On the way to this level, resistance may be in the area of ​​$30000.

The case of the ETF on BTC continues "during"

It seems that at the moment the impact on the quotations of the Bitcoin ETF or Ripple's win with the SEC has also been reduced. Nevertheless, the topic is still alive.

Cryptocurrency fund manager Grayscale is calling on the Securities and Exchange Commission to approve all proposed Bitcoin spot ETFs at the same time to avoid one of them having an advantage.

In a July 27 post, Grayscale's chief legal officer Craig Salm said his legal team had filed a letter regarding eight Bitcoin ETF spot filings - including their own - arguing that the SEC should not pick "winners and losers" and instead make a fair and orderly decision .

The letter stated that the SEC may approve spot ETFs based on its approvals for ETFs bitcoin futures, claiming that the two types of funds are "inextricably linked".

Grayscale added that the recent Supervision Sharing Agreements (SSAs) between Coinbase and spot ETF providers "are not a new idea" and claimed they would fall short of standards SEC. Coinbase would share information about its trading books and other information so that the SEC could monitor any possible market manipulation or irregular trading activity.

In late June, the SEC withdrew from ETFs due to the lack of SSAs, claiming they were needed due to what it claimed was that cryptocurrency markets could be manipulated.  

However, Grayscale claimed that the SSA "would not meet or be necessary" in accordance with SEC standards, as Coinbase is not registered with the SEC as a stock exchange or broker-dealer, nor Commodity Futures Trading Commission as a futures exchange, according to the Cointelegraph portal.

It is worth noting that the SEC earlier rejected Grayscale's application to convert GBTC into a spot Bitcoin ETF in June last year. In response, Grayscale sued the regulator, claiming it acted arbitrarily by failing to apply consistent treatment to similar investment vehicles.