1. Last week was a very bullish week for Bitcoin. The spot price of Bitcoin on Binance reached $31,432 on June 23, which is the highest level so far this year. This increase stemmed from Blackrock’s submission of an application for a Bitcoin spot ETF on June 16, and the price of Bitcoin subsequently increased by more than 20%.
2. On June 20 and 22, WisdomTree, Invesco and Valkyrie also followed Blackrock’s footsteps and submitted applications for Bitcoin spot ETFs, and the price of Bitcoin rose further during the New York trading session. ETF applications from multiple traditional institutions prove Bitcoin’s growing appeal.
3. On June 21, Federal Reserve Chairman Powell stated in Congressional testimony that “cryptocurrencies appear to exist as an asset class.” This remark further boosted the bullish sentiment on Bitcoin and cryptocurrencies.
4. Last Wednesday was Bitcoin’s biggest day of gains, with the price rising sharply by more than 5.8% in a single day. As shown in the chart above, looking at last week’s price action, Bitcoin has had very active trading sessions between London and New York. In fact, on June 21st and 23rd, Bitcoin prices saw significant increases during the London trading session that overlapped with the New York trading session.
5. Binance minted $1 billion of TrueUSD (TUSD) stablecoin on June 16 (https://tronscan.org/#/address/TGuWCuGCrnpVr7aHkB7xAkBMT5Ybce2RwX/transfers). Notably, BTC-TUSD has been trading at a premium relative to BTC-USDT since the price of Bitcoin hit $30,000 on June 22. Binance has also launched a TUSD zero order fee promotion, which will take effect at 0:00 on June 30 (UTC).
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