First Mover Americas: BTC Crosses $30K and Bitcoin Layer 2 Stacks Networks Gains 15%

Bitget App

Trade smarter

Bitget

News

Markets

First Mover Americas: BTC Crosses $30K and Bitcoin Layer 2 Stacks Networks Gains 15%

Coindesk2023/06/22 15:59

By:Lyllah Ledesma

The latest price moves in crypto markets in context for June 22, 2023.

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

Bitcoin extended its rally on Thursday after for the second time this year the day before. Bitcoin rose almost 5% in the past 24 hours to $30,219. The cryptocurrency has been on an upward trajectory since last week after BlackRock it had applied to the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded fund (ETF). Amongst altcoins, Stacks (STX), the native token of Bitcoin layer 2 Stacks Network, gained 16% on the day. Some traders have been that with the recent positive news for bitcoin from , other assets related to bitcoin have also performed well. For example, litecoin and bitcoin cash are also up on the week.

CACEIS, the asset servicing arm of banking giants Credit Agricole and Santander, has been by French regulators to provide crypto custody services. CACEIS Bank, which provides services to asset managers such as insurers, pension funds and private equity, was registered by the Financial Markets Authority (AMF) as of Tuesday, June 20, according to the . It joins other traditional finance firms such as and in being recognized under one of the most advanced crypto regulatory frameworks in Europe, as the European Union prepares to impose new crypto licensing rules known as as of 2024.

Three Arrows Capital (3AC) is up the crypto community again, this time with a surprise comeback using the same name, only in the guise of a venture capital (VC) firm. On Wednesday, OPNX, the bankruptcy claims exchange co-founded by CoinFLEX executives and two people behind the defunct 3AC hedge fund, said it has a new partner: 3AC Ventures. The partners will “invest in projects building in the OPNX ecosystem and working toward a decentralized future,” . 3AC Ventures has a that says the new firm "is focused on superior risk-adjusted returns without leverage.” Hedge fund 3AC after suffering heavy losses during the implosion of Terra’s LUNA stablecoin.

Edited by Sheldon Reback.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

The unique value of Proof-of-Work (PoW) tokens lies in their mining mechanism and regulatory positioning. Research shows that mining costs are a defining feature of PoW tokens, involving significant investment in hardware and electricity. When market prices approach miners' breakeven points, miners tend to hold onto their coins in anticipation of future appreciation. This behavior reduces circulating supply, shifts the supply-demand balance, and may contribute to price increases. Regulatory clarity is also critical to the investment appeal of PoW tokens. Both BTC and LTC are classified as commodities by the U.S. SEC rather than securities, which simplifies the ETF approval process. In January 2024, the approval of the BTC spot ETF triggered significant institutional inflows. LTC is currently undergoing the ETF application process. While DOGE and KAS have not yet received formal classification, their PoW nature may position them for similar treatment. Together, these factors enhance market liquidity and attract more institutional investors.

Bitget VIP•2025/04/11 06:10