This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Bitcoin (BTC) rallied to a new 13-month high above $31,500 early Thursday morning before a pullback to the current $31,100, up more than 2% for the day. The world’s largest cryptocurrency by market value has traded above $30,000 for a couple of weeks, but has struggled to reach the $32,000 level. “For the bitcoin rally to continue, we will need to get confirmation that the SEC will grant permission for a spot-Bitcoin ETF in the U.S,” said Edward Moya, senior analyst at Oanda. The top gainer among large-cap cryptos on Thursday, however, is bitcoin cash (BCH), up more than 12%, and continuing a big run higher following its listing on EDX Markets which is backed by Fidelity, Charles Schwab and Citadel Securities. Gains could continue in July as data from TradingView shows this month is historically a good one for cryptos. One year ago in July, BCH rose 34%, while BTC advanced 17%.
BlackRock CEO Larry Fink said crypto, specifically bitcoin, could revolutionize the financial system in an interview with Fox Business on Wednesday. “We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance,” he said. Previously known to be a skeptic of crypto, Fink years ago suggested fans of the asset class heavily used it for “illicit activities.” Fink continued: “Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”
Circle is considering issuing a stablecoin in Japan following legislation governing stablecoins in that country that took effect on June 1, the payment services company’s co-founder and CEO Jeremy Allaire said. In an interview with CoinDesk Japan, Allaire said that if stablecoins become more widely used for cross-border trade, foreign currency transactions and global commerce, Japan will become an extremely large market. Japan’s stablecoin bill makes it one of the first countries to establish a framework for the use of overseas stablecoins, which Allaire considers “the most important thing the government and the Financial Services Agency have done.”
Chart of the Day
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The chart shows the 24-hour trading volume in cryptocurrency trading pairs listed on South Korea’s largest digital assets exchange Upbit.
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The bitcoin cash/Korean won (BCH/KRW) trading pair has registered a trading volume of $303 million the past 24 hours, a significant decline from $557 million seen a week ago.
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While BCH has gained 12% in past 24 hours, prices remain well below June 30 high and within the $250-$320 range that persisted since Korean volumes peaked a week ago.
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“The Koreans have stopped buying BCH,” Matrixport’s head of research and strategy Markus Thielen said, noting the decline in the BCH/KRW trading volume on Upbit.
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Edited by Stephen Alpher.
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