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Bitcoin Holds Above $30K as Investors Await Historically Strong July, Eye Options Expiry

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Bitcoin was hovering comfortably over $30K, down from its 1-year high last week, but the asset could be headed higher given the more than 20% returns in July the past three years. Investors will also be eyeing Friday's options expiry. JPRubin23 writes

On Monday, the largest cryptocurrency by market capitalization recently was trading near $30,165, down 0.9% over the past 24 hours and a comedown from its loftier heights last Friday when BTC traveled to a one-year high. The momentum from multiple spot bitcoin filings by BlackRock and other financial services giants that sent the asset higher dissolved as investors addressed the realities that any SEC approval was months off, maybe longer, and that macroeconomic indicators remained uncertain.

Thielen noted that bitcoin had followed a pattern this year of rising about $10,000 before falling $5,000 first after the tumult caused by the U.S. banking crisis in March when BTC sank to $20,000 after reaching as high as $25,000 and then following this month’s SEC lawsuits against crypto exchanges Binance and Coinbase when it dropped to $25,000 from $30,000. “Now we appear on the way to $35,000 as the expectations for the Bitcoin ETFs approval will bring more U.S. institutions and U.S.

Other major cryptos were largely in the red with ADA and SOL, the tokens of smart contracts platforms Cardano and Solana, recently both down more than 4%, although Bitcoin Cash was a rare bright spot, rising nearly 16% to reach a fresh one-year high. BCH, which forked from the original bitcoin blockchain, extended its

 

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