Bitcoin is Comfortable at $30K
Most major digital assets are beginning the East Asia trading day well into the green, as positive economic data from the U.S. buoyed markets.
Bitcoin was up 1% and trading at $30,585, while ether is up 0.9% and trading at $1,874, according to CoinDesk data.
Layer 2 tokens, such as Arbitrum and Polygon were also in the green with ARB recently up 5.4% and MATIC 3%. The CoinDesk Market Index (CMI) was also up 1.4%.
“There was a lot of US economic data released today, and the key takeaway was that the economy is not breaking just yet,” Edward Moya, OANDA Senior Market Analyst, told CoinDesk in a note. “Bitcoin momentum remains intact as Fidelity joins the quest for the elusive bitcoin ETF…optimism is here that one of these financial giants will get one done before summer’s end.”
During a recent appearance on CoinDesk TV, Moya predicted that Bitcoin could reach $40,000 before the end of the year.
“Bitcoin trades above the 30,000 level investors are waiting to see if the rally can continue. Initial resistance comes from the 34,000 level, and if we do see a bitcoin ETF approval, institutional momentum could take the rally as high as the $40,000 level,” he told CoinDesk. “Any major setbacks with a BlackRock ETF rejection and a Grayscale defeat could temporarily kill the rally, but optimism will still remain that the ETF will eventually get done.”
Insights
Singapore: The Center of Asian Crypto Wealth Is Ready for a Reset
Known for governmental efficiency, the city-state of Singapore scored highest overall for the three measures it could control: regulatory structure (35% of the total score and included in the driver’s category), digital infrastructure (12%), and ease of doing business (10%), which are both parts of the enablers category. That was enough to be firmly ensconced in second place despite middling scores for quality of life – due to a very high cost of living – and per-capita crypto jobs, companies, and events, which comprise the opportunities category.
For more on the criteria and how we weighted them, see: How We Ranked CoinDesk’s Crypto Hubs 2023: Our Methodology.