Daily News | Bitcoin Breaks $30K As Crypto Initiatives Step Up, Crypto Stocks Rise As Wall Street Competition Sets In

2023-06-22, 01:28

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## Crypto Daily Digest: Bitcoin Breaks $30K As Crypto Initiatives Step Up, Coinbase And Crypto Stocks Rise As Wall Street Competition Sets In
After enduring a short-lived bull run throughout March and April earlier this year, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> fell to the upper $10k range and rarely succeeded in pushing beyond $20k. However, Bitcoin has strayed from this pressurized bearish trajectory and has broken through $30k for the second time this year following an <a href="/price/optimism-op" target="_blank" class="blog_inner_link">op price</a> in the number of traditional finance (TradFi) companies pushing crypto integration with their systems.

Across the past 24 hours, Bitcoin has gained over 10%, which has been spurred by major TradFi giants such as BlackRock, Invesco, and WisdomTree filing for spot Bitcoin ETF applications. These historic steps have the potential to intertwine cryptocurrency with wider finance and economics and truly bridge the gap between DeFi and TradFi by essentially deeming Bitcoin a viable and worthwhile investment. In addition, EDX crypto exchange, backed by major players such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities, launched on Tuesday and offers four tokens in the US (Bitcoin, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, <a href="/price/bitcoin-cash-bch" target="_blank" class="blog_inner_link">Bitcoin Cash</a>, <a href="/price/litecoin-ltc" target="_blank" class="blog_inner_link">Litecoin</a>). This bullish news has inevitably spilled into the wider cryptocurrency market, thus spurring a notable 25% rally for Bitcoin Cash following the announcement.

Alongside this pivotal institutional news, the international banking giant, Deutsche Bank, announced on Tuesday that it has applied for a digital asset custody license in Germany, a jurisdiction in which the EU MiCAH regulations will be imposed. Providing Deutsche Bank is successful, this could signal a new age of cryptocurrency that is centered around regulation and integration so that the masses can safely and securely access this burgeoning frontier of technology.

Following this wider bullish outlook for the market, Coinbase’s stock COIN experienced an impressive pre-market rally, in which it climbed nearly 3% during this period, presumably aided by the 7.% surge in Bitcoin and the crypto mining firm Riot adding 3.4% to its value. After several headwinds lately, due to the ongoing spat between Coinbase and the SEC, this is some redeeming news that could act as a cornerstone for the firm’s shift back into positive news.

However, this may be a short-lived burst of positivity for Coinbase, as the recent announcement of Wall Street’s crypto exchange launch is set to muddy the waters for the exchange. Wall Street’s EDX Markets, as mentioned prior, is backed by several TradFi giants and is set to only cater to a US audience, offering tokens that have received official and regulatory approval. Several notable assets from <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> to <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> have been brandished with the ‘security’ label by the SEC, thus forcing several exchanges in the US to delist, EDX has the potential to monopolize the regulatory ‘intact’ sector of crypto offerings in the US – which could position it as Coinbase’s greatest competitor.

## Technical Overview: Bitcoin (BTC) $29,910.08 (+6.02%) - Neutral Outlook
![](https://gimg2.gateimg.com/image/article/16873972053801687397094_.pic.jpg)
![](https://gimg2.gateimg.com/image/article/16873972493811687397108_.pic.jpg)

On the four-hour chart, the price of BTC has endured a rapid and steep rally after a V-shaped reversal from the $25k support zone following the rally breaking above the sizeable descending channel and the $27.5k level – which seemingly now serves as a support level. However, the RSI indicator is signaling that BTC is nearing overbought territory, thus suggesting a period of consolidation may lie ahead.

On the other hand, Bitcoin miners have displayed unorthodox behavior, as indicated by on-chain metrics, in regard to the miner reserve metric, which measures the amount of BTC held in miners’ wallets. There has been a significant increase in the former as vast amounts have been added. This is noteworthy, as recently there has been a significant period of decline, during which miners sold their coins amidst the bear market. As of now, the reasoning behind the rise in miner reserves is unclear, yet if they hold these assets it could have a positive impact on Bitcoin’s valuation in the long-term.

**Overview:**

**Closest daily support zone: 28784 - 28895
Closest daily resistance zone: 30165 - 30613
Key Level: 30613 (Daily High, Six-Week High)**

Daily Resistance zones
30165 - 30613
26294 - 26649
25314 - 25425

Daily Support zones
30075 - 30163
28311 - 28772
26527 - 26706

<div class="blog-details-info">
<div>Author:**Matthew Webster-Dowsing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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