The cryptocurrency market digest (BTC). Overview for 03.07.2023

The BTC exchange rate rose to 30,704 USD on Monday, with the flagship cryptocurrency gaining 1.4% during the week. Overall, last week was a relatively calm one for BTC.

From a fundamental perspective, the crypto sector has strong support from large funds. Previously, news emerged that Fidelity had filed another application with the SEC to create a spot fund ETF. The SEC has already received similar applications from BlackRock and others. However, later, the SEC announced that all these applications needed to be adjusted as they were not clear enough. The companies quickly responded by withdrawing their applications for modification. These things happen, there is nothing critical about them. It is positive that the SEC is actively engaging with businesses and is maintaining a dialogue at least at this level.

In addition, there is news about the launch of new ETHBTC futures by the CME platform.

The technical outlook remains favourable for a rise towards the 33,000 USD target.

The total capitalisation of the cryptocurrency market increased to 1.210 trillion USD. The share of BTC decreased to 49.4%, while the share of ETH rose to 19.4%.

Binance looks towards the UAE

Cryptocurrency exchange Binance is considering the UAE as the primary destination for the development of the digital asset industry. The country could become a key hub for the company’s core business in the future. Previously, Binance decided against listing anonymous tokens in several European countries.

MicroStrategy buys BTC

MicroStrategy, a provider of analytical software equipment, bought an additional 12,333 BTC between 29 April and 27 June. The transactions amounted to 347 million USD, meaning the average BTC price was 28,136 USD.