Bitcoin, all top 10 cryptos lose ground; Azuki Elementals NFT disappoints investors
Bitcoin fell but stayed above the US$30,000 threshold on Thursday morning in Asia. All top 10 non-stablecoin cryptocurrencies traded lower after MicroStrategy, the world’s largest corporate Bitcoin holder, said Wednesday it has acquired 12,333 Bitcoin for $347 million over the past two months. Additionally, traditional financial institutions continue to show interest in venturing into the U.S. digital asset industry, with ARK Invest amending its spot Bitcoin exchange-traded fund (ETF) application to enhance the chance for regulatory approval.
Bitcoin, altcoins lose ground
Bitcoin dropped 1.57% to US$30,103 over the last 24 hours to 7:00 a.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency by market capitalization is down 0.12% over the past seven days.
Ether fell 3.12% to US$1,827 for a loss of 3.51% for the week.
All other top 10 non-stablecoin cryptocurrencies traded lower. Cardano was the biggest loser among the top 10, logging a 6.49% 24-hour fall and a 6.65% weekly loss.
On Wednesday, business analytics firm MicroStrategy said in an exchange filing that between April 29 and June 27, the company and its subsidiaries together acquired roughly 12,333 Bitcoin for US$347 million in cash at an average price of US$28,136 per Bitcoin.
That purchase took its total Bitcoin holdings to 152,333 Bitcoin as of Tuesday, the company said.
Meanwhile, on Wednesday, investment management fund ARK Invest filed an amendment to its April application for a spot Bitcoin ETF. The application — which would see the firm partner with crypto exchange-traded product provider 21Shares — now includes a proposed surveillance-sharing agreement.
As seen in the ETF application made by investment firm BlackRock earlier this month, an agreement of that kind is seen as a way to prevent market manipulation, increasing the application’s chances of success. If approved, it would become the first such ETF in the U.S. market.
21Shares said Wednesday that the recent wave of spot Bitcoin ETF applications is “validating” for investors in the asset class.
“Bitcoin has proven its value as an investable asset and disruptive technology, amidst the current markets and regulatory headwinds,” Hany Rashwan, co-founder and chief executive officer of 21Shares, said in the statement.
The total cryptocurrency market cap dropped 2.26% to US$1.16 trillion, with trading volume dropping 3.77% to US$34.12 billion, according to CoinMarketCap data.
