First Mover: America’s Bitcoin Retreats Slightly From 12-Month High

Bitcoin (BTC) has declined by 3% from its one-year high of over $31,300, trading currently at $30,300. The recent 20% rise in the value of the cryptocurrency began after asset management company BlackRock announced plans to launch a spot bitcoin ETF. Experts suggest that the move from BlackRock has greenlit further institutional investment in the space. ProShares’ Bitcoin Strategy ETF (BITO) recorded the most significant weekly inflow in over a year last week, as Bitcoin prices exceeded $30,000. BITO allows investors to gain exposure to Bitcoin-linked returns with a regulated product and holds over $1 billion worth of CME Bitcoin Futures. Despite a retreat in the price of Bitcoin through May and most of June, investors poured $65 million into BITO last week, breaking the previous record of just over $40 million in April.
NEAR Protocol’s NEAR token is up 10% today and is the top-performing digital asset. The increase in value comes after the company’s announcement that it would partner with Alibaba Cloud, the computing and storage arm of Chinese tech giant Alibaba.
Belgium’s top markets regulator, the Financial Services and Markets Authority (FSMA), has ordered crypto exchange Binance to stop serving local customers, citing a violation of a prohibition on offering and providing exchange services in Belgium between virtual currencies and legal currencies. The notice says that Binance also provides custody wallet services from countries that are not members of the European Economic Area.
The chart of the day shows a rise in trading volumes and social volume, representing the degree of chatter about Bitcoin Cash on various social media channels. An increase in trading volume alongside an uptick in prices confirms the uptrend. Still, an increased social chatter is often seen as an interim market top.