Bitcoin's Declining Social Sentiment May Point To A Market Bottom

Here are some of the major developments from the world of crypto over the past few days
some of the major developments in the world of crypto
some of the major developments in the world of crypto

The BTC price has not reached a new all-time high in over three months, particularly after the Bitcoin halving in April. A market bottom may be in sight as the recent unfavorable market volatility has subdued the previously high levels of enthusiasm and positive emotion surrounding Bitcoin's price.

Santiment claimed that the waning enthusiasm among traders for Bitcoin may be a hint of a possible bottom. When the market trend starts to revers, it is indicated by a bottom signal. When an asset is at its lowest price or is undervalued, investors may view a bottom as an opportunity to buy asset.

The price of bitcoin on Coinbase reached a new all-time high of $73,780 on 14 March. Since then, the most valuable cryptocurrency has fluctuated between $60,000 and $70,000, briefly falling below $60,000 before finding strong support again. At $61,500, BTC is presently trading. Every four-year halving cycle has historically led to a new all-time high for Bitcoin following the halves event.

Solana ETF Potential Could Shift with New U.S. President, SEC: Balchunas

Eric Balchunas, Bloomberg ETF analyst, says that a change in the government and the head of the securities regulator in the United States may be necessary for the establishment of a spot Solana exchange-traded fund. ETF issuer VanEck filed with the US Securities and Exchange Commission on June 27 to request a slot in the Solana SOL $145 ETF.

Jake Chervinsky, the chief legal officer of Variant Fund, backed the position by noting out that spot Solana ETF applicants would probably benefit more from Peirce's reading of the Securities Exchange Act. In their legal actions against Binance and Coinbase, the SEC and its Chair, Gary Gensler, classified SOL as a security. It is advised by Adam Cochran to resolve SOL security status prior to VanEck filing the Solana ETF.

Evgeny Gaevoy, CEO of the cryptocurrency trading firm Wintermute, predicts there will be little inflowsbinto the soon-to-be-launched spot Ether ETFs. It appears from this estimate that even fewer flows would be drawn to a spot Solana ETF. Franklin Templeton, a $1.5 trillion asset manager has also given the Solana network and ecosystem high marks in recent months

S&P Global Partners with Singapore in Project Guardian Tokenization Trials

The Monetary Authority of Singapore's (MAS) expansive Project Guardian has welcomed S&P Global Ratings as its newest member. The two year old project examines the role asset tokenization can play in the liquidity and efficiency of financial markets. Project Guardian aims to create an ecosystem of commercial digital assets and establish standards and rules.

Tokenized bond and currency liquidity pools are utilized by institutions for foreign exchange and bond trades under the fixed-income pilot programs. The project's additional activities include wealth management and foreign exchange on public blockchains, with a focus on network interoperability. The project employs a modular network structure.

JPMorgan as a part of Project Guardian, executed a live cross-border transaction in November 2022 using tokenized Singapore dollars and Japanese yen on the Polygon blockchain. One of the innovations to come out of the project is the deposit token a form of stablecoin issued by regulated and adequately supervised intermediaries.

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