Bitcoin price tested $30,000 after Fed Chairman Jerome Powell’s fresh statements about rate hikes. During the move, the SEC’s change to the Ark Invest application is on the agenda…
Fed’s Jerome Powell: More restrictions coming
BTC price is stuck in a narrow trading range throughout June 28. The lower moves are accompanied by fresh statements on economic policy by Fed Chairman Jerome Powell.
Speaking during a two-day discussion with other central bank governors at the European Central Bank Forum 2023 on Central Banking in Sintra, Portugal, Powell reiterated the Fed’s consensus for further rate hikes this year. The Fed paused its rate hike policy, which began in late 2021, at the last meeting. Powell stresses that there is still room for further policy tightening.
At the panel in Portugal, Powell said, “Really, policy has not been restrained for very long. We started with negative real interest rates. We have since moved to where we are actually in the restrictive zone. But we didn’t stay there very long. For this reason, we believe that more restrictions will come.”
The Fed Chairman says there is majority support for at least two rate hikes going forward.
Bitcoin price tests $30,000
As a result, Bitcoin bounced back to $30,000 within the day before re-attacking the $31,000 yearly highs. Responding market participants nevertheless chose to wait and see.
Still…sipping ☕️ and watching 🔥📈🔥.#BTC #FireCharts pic.twitter.com/prTYNx3M6g
— Material Indicators (@MI_Algos) June 28, 2023
Popular trader CryptoCon said, “The price is blasting upwards from the bottoms. It pauses in the high range and then resumes new annual highs,” he wrote.
The accompanying chart showed that the price of BTC is in familiar territory on the uptrend.
Cathie Wood’s Ark Spot Bitcoin ETF file has been modified
Another development that swept the market was the SEC replacement of Cathie Wood’s Ark Bitcoin ETF filing.
The BlackRock file included Coinbase’s Custody platform and its plans to use spot market data for pricing. The latest change to Ark’s spot Bitcoin ETF filing involved the inclusion of a custody sharing agreement with a crypto exchange. Considering Ark CEO Cathie Wood’s investments in Coinbase stocks, this could likely be Coinbase. Ark Invest by Cathie Wood, June 7, 2023, added $21 million worth of Coinbase (COIN) shares to its portfolio.
Therefore, if the Ark Bitcoin ETF also plans to use Coinbase services, there may be a conflict of interest in terms of partnership. Either way, it will turn out to be a welcome abundance issue for Coinbase. Meanwhile, Eric Balchunas, an ETF analyst at Bloomberg, wonders if the Ark ETF decision will be delayed and then confirmed the Blackrock filing:
This adds another change to the plot with the SEC’s decision in August, if they delay that is a bad sign for approval.
This adds another twist to the plot bc SEC decision due on this in August, if they delay it is bad sign for approval unless, they delay and then approve BlackRock, which shows favoritism. Grayscale decision announcement also plays into timing of all this. GRAB THE POPCORN.
— Eric Balchunas (@EricBalchunas) June 28, 2023
MicroStrategy buys additional Bitcoin
Finally, the news that MicroStrategy had purchased more than 12,000 BTC for its corporate treasury failed to make any tangible impact. As we quoted as Kriptokoin.com, Binance CEO CZ drew attention to the investment strategy of the company during the day.
$BTC
lmao it appears the market doesn't approve of saylor's BTC purchase pic.twitter.com/86iP6qg9Do— Skew Δ (@52kskew) June 28, 2023
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