Bitcoin Surges Past $31,000, Hits One-Year High! [ Crypto Espresso 6.26.23 ]

Monday do I need to say anything more I'm your whatever work week starting Host Andrew and this is crypto espresso Your teeny tiny daily shot of Caffeinated crypto headlines and we are Hopping in head first first up bitcoin's Price Rose in Friday's morning us Session reaching a one-year high above 31 thousand dollars according to data From coin market cap the largest Cryptocurrency reached a high of 31 390 Before retracing below Bitcoin gained More than 15.48 over the past seven days The Surge came after the financial firm BlackRock submitted an application for a Spot Bitcoin ETF and Invesco and wisdom Treat refiled their submissions Investors who had been alarmed by the SEC lawsuits against cryptocurrency Exchanges are seemingly more reassured Thanks to these moves by Major Traditional financial institutions the ETF filings indicate the ongoing Commitment of large Financial investors To the digital asset space and have Raised expectations of an Institutionally driven price rally Cryptocurrencies continue to decouple From Equity markets investors Apprehension over interest rate hikes And the potential for a global recession Saw equities experience their first Losing week in more than a month on Friday June 23rd the U.S Supreme Court

Endorsed cryptocurrency exchange Coinbases a request to postpone customer Lawsuits while it pursues appeals to Have the issues arbitrated privately Which is a process that many companies Prefer over going to court the ruling Which won a 5-4 majority allows coinbase To continue its effort to compel Arbitration against the class-action Lawsuit filed by a user after his money Was allegedly stolen by a scammer from His account this halts the lawsuit's Progress through the federal court System in the meantime the Supreme Court Ruling does not touch on crypto issues Beyond the fact that coinbase is one of The parties involved however it does Mark the first time a crypto company Argued before the U.S high court and it May have implications on other lawsuits Filed against crypto exchanges after Friday's decision coinbase may continue Attempting to compel arbitration just in Sun the founder of the Tron Network Apparently withdrew 29.7 million dollars Worth of ethereum from Lido finances Liquid staking platform and then sent The tokens to the sun-backed crypto Exchange wobe data from Arkham Intelligence shows that Sun's wallet Received 15 805 eath from Lido's Withdrawal address on Thursday after Requesting to unstake the tokens the day Before a few minutes later the wallet

Deposited 15 815 each to huobi which Frequently indicates a sale intention Sun Also deposited 1 000 Bitcoin to hobi Early last Monday when the token was Trading near 29 000. Sun's digital asset Holdings in labeled crypto wallets were Worth a total of 1.2 billion dollars After the transaction last Friday the Wallets still held 287 855 of Lido's Teeth tokens the transactions occurred As eth gained almost 10 over the past Seven days rallying past 1900 while Bitcoin's price broke the 31 000 level And reached a high of this year here Optimism the layer 2 Network that uses Optimistic rollups to scale ethereum Applications has changed its name to op Mainnet the move is intended to reflect The Project's objective to create a Super chain network of many layer 2 Blockchains optimism which now has Approximately 1.3 billion dollars in Total value locked will be referred to As op mainnet optimistic rollups address Scalability issues in the ethereum Network by enabling quicker and less Expensive transaction processing op Labs The developer of op mainnet operates a Development software stack referred to As the op stack which enables developers To launch their own layer 2 blockchains Coinbase is developing its own layer 2 Blockchain base using the op stack while B and B chain recently announced a layer

2 Chain also built using the op stack And finally the U.S Securities and Exchange Commission SEC has approved the First leveraged Bitcoin Futures ETF Volatility shares 2x Bitcoin strategy ETF or bit X it is scheduled to Launch On the Chicago Board options bzx Exchange on June 27 2023 the fund looks For investment returns that are Equivalent to double the return of the CME Bitcoin Futures daily role index Investors can purchase shares of an ETF Which bundles Securities like equities And commodities to receive exposure to These Securities without actually owning Them there are two main types of Bitcoin ETFs Bitcoin Futures and Bitcoin spot Bit X will be a leveraged ETF using Bitcoin Futures as leverage to amplify The returns of a benchmark index the News was largely applauded by proponents Of cryptocurrencies but others wondered Why a simple spot ETF launched before 2x Leveraged Futures offering the bidx fund Was approved by the SEC as large Traditional institutions look to enter The cryptocurrency market and larger Traditional hosts look for you to like This video subscribe to our YouTube Channel and click on that little bell Icon so you get buzzed whenever a new Crypto espresso video goes live thoughts On today's episode drop me a line in That comment section because you know

That I read them and you know that I Just can't sleep because every day the Comments permeate the membrane that is My cerebral cortex man questions about Our headlines or crypto in general take The plunge and desk Alex in that Description below Alex is always a great Source of info for all things web 3 and Thumb metaverse and that about does it For today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow