Bitcoin

Gary

April

Time

<p>Despite the SEC&#8217;s ongoing crackdown on Web3, it seems that the largest cryptocurrency by market capitalization, Bitcoin, may finally be breaking out of a multi-month downtrend.</p>



<p>Despite a notable 76% surge from the yearly open to April, Bitcoin has since retraced, surrendering some of its gains and entering into a downtrend.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Short Term Update (D) <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;" /><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is approaching the 2 months trend line that rejected it 6 times already.<br>Are you in the team of technical analysts who think the more a trend line is tested the more it weakens or in the team of analysts who think it strengthens it? <br>=&gt; 7th… <a href="https://t.co/pzVdND2cQ7">pic.twitter.com/pzVdND2cQ7</a></p>&mdash; Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1668547911871787008?ref_src=twsrc%5Etfw">June 13, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Aligned with this observation, numerous traders have taken to social media to highlight Bitcoin&#8217;s significant downtrend, emphasizing its repeated rejections after the initial decline from the $30,000 mark.</p>



<p>However, recent news have spurred a resurgence in price action, with Bitcoin finally peaking above $27,000 over the weekend.</p>



<p>With that said, could we finally see a sustained rally for the bulls, or will the bears continue to win out in 2023?</p>



<p><strong>Also Read: </strong><a href="https://chaindebrief.com/web3-has-a-messaging-problem-and-it-matters-more-than-you-think/">Web3 Has a Messaging Problem, and it Matters more than you think</a></p>



<h2 class="wp-block-heading" id="strong-blackrock-etf-a-sure-win-for-bulls-strong"><strong>Blackrock ETF: A Sure Win For Bulls?</strong></h2>



<p>Blackrock, a leading asset management that boasts over $10 trillion in assets under management, recently filed for a Bitcoin ETF despite ongoing regulatory concerns.</p>



<p>While such a catalyst may have usually spurred strong bullish momentum, it seems that speculators have largely ignored the event.</p>



<p></p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">The Bitcoin Blackrock ETF news has given the market one of the easiest long entries of the year. Incredible how many people ignored it and downplayed it.</p>&mdash; Alex Krüger (@krugermacro) <a href="https://twitter.com/krugermacro/status/1670857156411940864?ref_src=twsrc%5Etfw">June 19, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Regardless, the entry of a financial behemoth such as Blackrock will have strong, lasting effects on Web3.</p>



<p>For one, a Bitcoin ETF has yet to be approved in the United States, with Cathie Wood&#8217;s collaboration with iShares being the latest rejected proposal.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">NEW: $4.5 trillion Fidelity rumored to file for spot <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> ETF<br><br>Race heating up? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;" /><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/TPM0r0TBl2">pic.twitter.com/TPM0r0TBl2</a></p>&mdash; Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1670762619677085697?ref_src=twsrc%5Etfw">June 19, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Fidelity, a fellow asset management firm with approximately $4 trillion in assets under management, is also rumored to be filing for a Bitcoin ETF.</p>



<p><br>If either of the two options receives approval, it would provide an alternative for institutional or high net-worth clients who prefer not to engage in self-custody of their Bitcoin. </p>



<p>This alternative would serve as a substitute for the<a href="https://chaindebrief.com/what-is-gbtc-and-why-wont-they-show-their-proof-of-reserves/"> Greyscale Bitcoin Trust</a>, which has recently traded below its net asset value.</p>



<p><strong>Also Read: <a href="https://chaindebrief.com/investment-giant-blackrock-files-for-bitcoin-spot-etf-heres-everything-you-need-to-know/">Investment Giant BlackRock Files For Bitcoin SPOT ETF: Here’s Everything You Need To Know</a></strong></p>



<h2 class="wp-block-heading" id="bitcoin-dominance-reaches-50-for-the-first-time-since-may-2021">Bitcoin Dominance Reaches 50% For The First Time Since May 2021</h2>



<p><a href="https://chaindebrief.com/market-cycles-crypto-identify-tops-take-profits/">Altcoin seasons</a> are often marked by a downtrend in Bitcoin dominance, or the ratio between the market capitalization of Bitcoin to the market cap of the entire cryptocurrency market. </p>



<p>Conversely, a strengthening Bitcoin Dominance often indicates that market participants are converting their assets into the blue-chip cryptocurrency, instead of speculating riskier tokens.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">1. Bitcoin Dominance reaches 50% for the first time since May 2021 <a href="https://t.co/LZ4GIgA8GO">pic.twitter.com/LZ4GIgA8GO</a></p>&mdash; Chain Debrief (@ChainDebrief) <a href="https://twitter.com/ChainDebrief/status/1671086051161706497?ref_src=twsrc%5Etfw">June 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Currently, Bitcoin&#8217;s market capitalization of approximately $500 million is responsible for over half of the entire cryptocurrency market capitalization, including Ethereum, stablecoins, and the thousands of other tokens available.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Entities with a balance under 100 BTC are increasing their holdings meaningfully, absorbing an equivalent to 254% of mined supply over the last month (2.54 x ~900 BTC/day = 2,286 BTC/day). <a href="https://t.co/Vmtm4mfJzW">pic.twitter.com/Vmtm4mfJzW</a></p>&mdash; glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1670744450887213060?ref_src=twsrc%5Etfw">June 19, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Bitcoin continuing to reign supreme in Web3 combined with <a href="https://chaindebrief.com/bitcoin-shrimp-supply-shock/">increased accumulation</a> from even smaller entities has once again crowned it the king of crypto, despite talk of a <a href="https://chaindebrief.com/btc-dominance-at-historic-lows-but-dont-say-flippening-yet/">&#8220;flippening&#8221;</a> during the bull market.</p>



<p>As investors continue to place their faith in Bitcoin, we could see continued concentration into the blue-chip asset, and its dominance continue to climb higher over remainder of this bear market.</p>



<h2 class="wp-block-heading" id="strong-sec-8217-s-lawsuit-paints-uncertain-picture-for-ethereum-other-cryptocurrencies-strong"><strong>SEC&#8217;s Lawsuit Paints Uncertain Picture For Ethereum, Other Cryptocurrencies</strong></h2>



<p>While the recently released <a href="https://chaindebrief.com/what-are-the-hinman-documents-and-how-it-affect-crypto-ripple-and-ethereum/">Hinman documents </a>have shown that the SEC did not regard Ethereum as a security in 2018, the current lack of clarity regarding what is and is not a security has left both retail and institutions in a lurch.</p>



<p>Despite this, SEC chair Gary Gensler has remained steadfast in his<a href="https://decrypt.co/103926/sec-chair-gensler-bitcoin-not-security-what-about-ethereum"> view that Bitcoin </a>should be classified as a commodity rather than a security.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Meanwhile, here in the States, I guess we are to settle for the Bring Back Crypto Act of 2050. <a href="https://t.co/fwU8ni1TT4">https://t.co/fwU8ni1TT4</a></p>&mdash; paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1668063043232604160?ref_src=twsrc%5Etfw">June 12, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Amidst the ongoing uncertainty surrounding the SEC&#8217;s decision on the regulatory classification of various cryptocurrencies, one thing remains evident: Bitcoin appears to be the most secure option for individuals seeking to avoid potential regulatory complications with the SEC.</p>



<p>As the SEC&#8217;s rulings regarding other cryptocurrencies remain in a state of limbo, Bitcoin stands out as a relatively safer choice, given SEC Chair Gary Gensler&#8217;s consistent stance that Bitcoin should be regarded as a commodity rather than a security. </p>



<p>By opting for Bitcoin, individuals can mitigate the risk of regulatory trouble and navigate the evolving landscape with greater confidence.</p>



<h2 class="wp-block-heading" id="strong-closing-thoughts-strong"><strong>Closing Thoughts</strong></h2>



<p>Despite the cryptocurrency market&#8217;s recent lackluster performance, it seems that positive news continue to pile on for Bitcoin. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> dominance looks like its in consolidation before an eventual move higher. <br><br>Hence, <a href="https://twitter.com/hashtag/ALT?src=hash&amp;ref_src=twsrc%5Etfw">#ALT</a> / <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> pairs should continue to bleed. <a href="https://t.co/whizAS4MaC">pic.twitter.com/whizAS4MaC</a></p>&mdash; Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1644859304808177667?ref_src=twsrc%5Etfw">April 9, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>As altcoins continue to bleed against Bitcoin, we are once again reminded why crypto veterans stress taking profits into and accumulating blue-chip cryptocurrencies during peak mania phases. </p>



<p>While it remains to be seen whether Bitcoin can finally break out of a multi-month downtrend, a continuous outpouring of relatively positive sentiment could be the key catalyst for the remainder of Q2 2023.</p>



<p>On the flipside, a breakdown or series of negative headlines could extend Bitcoin&#8217;s current decline. The possibility of the Blackrock ETF not being approved, for example, is something that undoubtedly weighs heavy in the minds of most still exposed to Web3.</p>



<p><strong>Also Read: </strong><a href="https://chaindebrief.com/web3-has-a-messaging-problem-and-it-matters-more-than-you-think/"><a href="https://chaindebrief.com/navigating-crypto-chemotherapy-understanding-operation-chokepoint-2-0-and-the-shifting-sec-landscape/">Navigating Crypto Chemotherapy: Understanding Operation Chokepoint 2.0 and the Shifting SEC Landscape</a></a></p>



<p>[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]</p>



<p>Featured Image Credit: Chain Debrief</p>

Could Bitcoin’s 10 Week losing Streak Finally Be Broken?

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