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The global cryptocurrency market was trading in the red on June 28, 2023, with Bitcoin (BTC) hovering at the US$30,000 mark. BTC was trading at US$30,396.97 at the time of writing, up 0.32% in the last 24 hours. The second-largest cryptocurrency, Ethereum (ETH), trading lower, down 0.23% at US$1,862. Other major cryptocurrencies were also in the red, with Ninance (BNB) down 0.81%, Cardano (ADA) down 0.39%, Solana (SOL) down 1.74 %, and XRP down 0.16%.
Several analysts say the current drop in cryptocurrency prices presents an investment opportunity. They contend that prices will eventually increase since the long-term fundamentals of the cryptocurrency market are still solid. Some analysts are more circumspect. They contend that the outlook for the world economy is hazy and that the near-term volatility of the crypto market may continue.
Since being launched on EDX Markets, a new cryptocurrency exchange sponsored by venerable financial institutions Citadel Securities, Fidelity, and Charles Schwab, Bitcoin Cash (BCH) has increased by more than 100% in the previous week.
BCH's cost increased from about US$100 on June 20 to over US$230 on June 27. The listing on EDX Markets, the recent spike in interest in cryptocurrencies, and the perception that BCH is a more cost-effective alternative to Bitcoin are reasons for the price increase.
A new cryptocurrency exchange called EDX Markets is supported by some of the biggest names in conventional finance. The exchange's opening has been interpreted as a sign of increasing institutional interest in the cryptocurrency market.
Hong Kong is working hard to establish itself as a significant international center for cryptocurrency trading and investment. New laws recently passed by the government are intended to draw investors and businesses to the city.
Christopher Hui, the secretary for financial services and the Treasury, is in charge of the group. Hui has declared his commitment to turning Hong Kong into a hub for the development and usage of fintech, including blockchain and distributed ledger technology.
One of the biggest asset managers in the world, Fidelity Investments, is apparently getting ready to file a registration form with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF). The Block broke the story first, and a number of other significant financial institutions have recently submitted applications for spot bitcoin ETFs as well. BlackRock, Invesco, and VanEck are a few of these.
Investors may buy and sell bitcoin immediately on an exchange using a spot bitcoin ETF, just like they could with any other stock or ETF. This would be a significant advancement for the cryptocurrency market since it would be simpler for investors to gain exposure to Bitcoin without using a crypto exchange.
Crossmint, a provider of Web3 infrastructure, has introduced a wallet-as-a-service (WaaS) for NFTs. Businesses may simply incorporate NFT wallets into their goods and services thanks to the new Crossmint WaaS solution.
The introduction of Crossmint WaaS is evidence of the rising demand for NFTs. Businesses will need to figure out how to incorporate NFTs into their goods and services as the NFT industry expands. Businesses have a quick and easy option to achieve this, thanks to Crossmint WaaS.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
