Crypto market rises, tracking risk-on rally in equities

30 Jun 2021

???? BTC | $36,084 (+1,228, +3.5%)

???? ETH | $2,175 (+53, +6.7%)

???? XRP | $0.71 (+0.05, 8.2%)

???? LTC | $146 (+4, +2.7%)

While total transaction volume on Ethereum has dropped from all-time highs, the number of unique active addresses on Ethereum has now surpassed that of Bitcoin for the first time ever (data tracked by Santiment).

Bitcoin is due for perhaps the biggest mining difficulty recalibration ever at the end of this week. Each block of Bitcoin now takes around 24 minutes to mine thanks to the exodus of Chinese miners – the network will however periodically conduct a recalibration of the mining difficulty to shift the average block mining time back to ten minutes.

Open interest in Bitcoin futures (with CME) is at the lowest point this year, with research suggesting that large short positions are being liquidated.

In what looks to be the peak of all risk-on plays, ARK Invest’s superstar Cathy Wood is reportedly submitting a ‘ARK 21Shares Bitcoin ETF’ for approval to the SEC.