Crypto Rises as Asia Opens
The world’s largest digital asset, bitcoin, has increased by 5.8% to $28,359 while ether has increased by 3.4% to $1,793 as the Asia trading day gets underway.
At 1,166, the CoinDesk Market Index is up 4.1%.
In addition, Bitcoin’s share of the total cryptocurrency market value has surpassed 50% for the first time in two years as a result of its advance above USD $28,000. Bitcoin has not been connected to any of the regulatory complexities that we have seen emanating from the US, unlike the majority of other digital assets, according to a note from Strahinja Savic, head of data and analytics at the Toronto-based cryptocurrency platform FRNT Financial.
Savic claims that despite the sell-off and bankruptcies we’ve witnessed this year and in late 2022, BlackRock’s bitcoin ETF application has clearly demonstrated how persistent institutional interest in bitcoin is.
The registrations for a bitcoin ETF and the debut of EDX, a new institutionally backed cryptocurrency exchange, are cited by Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital, as positive signs for cryptocurrencies.
It wouldn’t surprise him if Bitcoin kept dominating the market for the time being, he added. The apparent resistance is $30k on the upper side.
Insights
Aave’s v3 TVL Rises in JuneAave, a crypto lending platform using smart contracts, maintained its recent upward trend in June.
Total value locked (TVL) for the version 3 (v3) blockchain has increased 15% since the beginning of the month to $1.76 billion, according to statistics from blockchain analytics company DefiLlama. Since Jan. 1, Aave’s TVL has increased by 300%, outperforming other significant cryptocurrencies during this time period. By market value, the two biggest digital assets are bitcoin and ether, which have increased by almost 70% and 50%, respectively, in 2023.
The latest indication of growing interest in DeFi protocols, which do away with the requirement for third-party institutions to assist in transaction execution, is Aave’s gains. In the meanwhile, a banking crisis that resulted in the failure of three significant regional banks in March has eroded trust in conventional financial services organisations that which have played a crucial role in lending markets.
According to the on-chain markets terminal Parsec, users of Aave’s version three (v3) have provided $1.83 billion in assets and borrowed $641 million as of press time, illuminating the degree of financial activity taking place inside the protocol.which have played a crucial role in lending markets.
According to the on-chain markets terminal Parsec, users of Aave’s version three (v3) have provided $1.83 billion in assets and borrowed $641 million as of press time, illuminating the degree of financial activity taking place inside the protocol.
