Bitcoin Cash, the spin-off of the world’s largest cryptocurrency, gained over 108% in the last seven days as investors hope the altcoin receives the same categorization as Bitcoin.
Bitcoin slipped in directionless trading while Ether retreated, but both held gains for the past seven days. Most other top 10 tokens lost ground, led by Solana, while Tron was in the green as markets entered the last trading week of June.
Bitcoin prices drop 1.04% to US$30,416 in 24 hours, while Ether fell 0.98% to US$1,893.
Bitcoin held ground above US$30,000 following a week of traditional financial institutions showing interest in financial instruments that include the token. The U.S. regulator approved the first leveraged Bitcoin Futures ETF on Friday.
Binance Abu Dhabi’s chief Dominic Longman discusses the UAE’s approach to cryptocurrencies and the state’s support for innovation.
Bitcoin shrugged off Prime Trust’s cease order, as risk appetite was bolstered by several TradFi alumni entering the crypto space this week. Could we see more spot Bitcoin ETF applications next week?
Seychelles-registered cryptocurrency exchange OKX, which says it is the world’s second-largest crypto platform by trading volume, opened an office in Dubai on June 15 as part of its global expansion and aims to raise staff numbers to 30 to tap opportunities in the region.
Bitcoin remained above US$30,000, even as Nevada state regulators in the U.S. ordered crypto custodian Prime Trust to cease operations.
Bitcoin traded above US$30,000 to hold onto the strong gains made this week on the back of growing institutional interest in the token as an emerging asset.