The cryptocurrency market digest (BTC, LTC). Overview for 05.07.2023

The BTC price rose to 30,831 USD by Wednesday.

The flagship cryptocurrency is currently fully implementing the previously outlined trend with consolidation above 31,150 USD and a further climb to 33,000 USD.

The bullish scenario is supported by a new application for licensing submitted by the BlackRock fund to the SEC. The fund attempts to launch a BTC-based ETF. The potential impact of this venture, if approved, cannot be underestimated. With a significant volume of assets under BlackRock’s management, a portion of these could potentially be invested in cryptocurrency.

The capitalisation of the cryptocurrency market remains steady at USD 1.210 trillion. The share of BTC rose to 49.6%, while the share of ETH fell to 19.3%.

Miners have sent 54,000 BTC to Binance

Over the past three weeks, miners have deposited about 54,000 BTC coins into the largest crypto exchange, thereby contributing to the growing volume of assets on the exchanges. At the same time, there haven’t been any significant changes in the open interest for BTCUSD.

LTC halving event is approaching

The next halving of LTC will take place on 3 August 2023. The market expects a significant price correction for the altcoin following the event, or at least this is what the history of similar price fluctuations suggests.