At today's trading session (July 1, Vietnam time), the price of Bitcoin (BTC code) recovered to $ 30,450, a slight change within 24 hours but still 0.7% lower than a week ago. . The second largest cryptocurrency Ethereum (ETH token) rose nearly 4% to $1,925.
The fact that Bitcoin price continues to hold the $ 30,000 mark adds confidence to the crypto investment community. Most of the altcoins in CoinMarketCap's list of the 20 largest cryptocurrencies by market capitalization are still in an uptrend.

In the past 24 hours, the price of Binance (ticker BNB) increased by 3.35% to 242 USD; Cardano (ticker ADA) rose 4% to $0.288; Polkadot (ticker DOT) rose 5% to $5.2 The most significant were Bitcoin Cash (ticker token BCH) up 8% to $296.7 and Litecoin (ticker LTC) up more than 21.75% to $105.5. Solana (ticker SOL) alone fell 0.88% to $18.45, despite the cryptocurrency maintaining its bullish momentum throughout the past week.

With the above development, the global crypto market capitalization is now 1.190 billion USD, up 1.57% from a day ago. Total trading volume in 24 hours is 64.39 billion USD.

The recent unusual move in the price of Bitcoin is due to the news that BlackRock and Fidelity may fail in their efforts to create a Bitcoin ETF spot exchange-traded fund.

The news triggered a massive “storage dump” on the cryptocurrency market. In less than an hour after the news was announced, the Bitcoin price plummeted to $29,800. Coinglass data shows that the total value of digital assets during this period was $84 million.

According to sources from the Wall Street Journal (WSJ), the US Securities and Exchange Commission (SEC) has notified Nasdaq and CBOE, the two exchanges representing BlackRock and Fidelity, that the filings for the establishment of a swap fund Bitcoin ETF spot portfolio exchange is incomplete and unambiguous. The agency required the parties involved to provide more information about the BTC exchange, as well as details of the custody sharing agreement.

In fact, since 2017, the SEC has repeatedly rejected applications to establish a Bitcoin ETF for fear of fraud and market manipulation.
Over the past two weeks, the crypto market has had the most exciting time of the year thanks to a wave of investments by traditional financial firms (TradFi), led by asset management giant BlackRock. Followed by a series of other notable names such as Fidelity, Cathie Wood's Ark Investment, Invesco, WisdomTree, Bitwise and Valkyrie.

The WSJ commented that the launch of the Bitcoin ETF marks a turning point for the crypto industry as it expands access to virtual assets. Specifically, the Bitcoin ETF allows investors to buy and sell BTC through a brokerage account as easily as stocks.

For the investment community, the Wall Street giant's initiative is the best hope for a Bitcoin ETF launch at the moment. Partly because reputable asset management companies like BlackRock have had high success rates in previous proposals.

“Investors see Bitcoin ETF filings as a vote of confidence for the crypto industry as large institutions like BlackRock and Fidelity can secure expertise and custodial services to serve consumers.” ”, commented Alex Adelman, Bitcoin Lolli CEO.