Vapeboss – The value of Bitcoin (BTC), the largest cryptocurrency asset, has risen back to US$30,000 per coin after The Securities and Exchange Commission (SEC) decided not to freeze Binance US assets. According to data from coinmarketcap on Friday (23/6/2023) at 2:00 PM WIB, Bitcoin reached a price of US$30,014. Despite a 0.50 percent decrease in 24 hours, Bitcoin still strengthened by 17.31 percent over the trading week. An increase in value was also seen in other crypto assets.

Bitcoin has surged this month, but not for the reasons you might think. The world’s largest digital currency has risen more than 12% since the start of June. On Wednesday, its price hit $30,000 to reach its highest level since April 14, according to Coin Metrics data. Market participants attributed the jump to news that US asset management giant BlackRock had filed for a spot bitcoin exchange-traded fund to track the market price of the underlying asset.

While that may be part of the reason, an outsized move could be due to other factors beyond the news flow surrounding major institutions taking steps to embrace bitcoin or other digital assets. Thin liquidity and big players in "Market Depth" Crypto have been sitting at extremely low levels this year. Market depth refers to a market's ability to absorb relatively large buy and sell orders. When market depth is low and big players place orders to buy or sell digital coins, prices can rise or fall dramatically, even if the orders are not very large. Market depth is a measure of liquidity in the market. According to data firm Kaiko, bitcoin's market depth has fallen by 20% since the beginning of this year. Bitcoin has been one of the cryptocurrencies most hit in terms of market depth, Kaiko said.

Ethereum (ETH) reached a price of US$1,881, with an increase of 0.18 percent in 24 hours and 12.58 percent in a week. Meanwhile, stable coins USDT and USDC also strengthened by 0.02 percent and 0.01 percent in 24 hours. Panji Yudha, a crypto financial expert, stated that various positive sentiments can affect the movement of crypto assets, such as the SEC's decision not to freeze Binance US assets, which provides temporary clarity in this situation.

In the last bitcoin cycle, market momentum was largely driven by large institutional names as investment banks from Morgan Stanley to Goldman Sachs set up trading desks to give their clients exposure to digital currencies. However, the market really started to break out only when retail traders began to take notice in early 2021, people became tempted by the phenomenon of NFTs, or nonfungible tokens, and other more speculative bets.

Later that year, the cryptocurrency market experienced a seismic rally, with bitcoin prices soaring to unprecedented levels. Along with a surge in trading volume that rose from $21.2 billion at the beginning of 2020 to $105.4 billion on November 9, 2021, when bitcoin reached its all-time high, according to CoinGecko.

Read other articles: 

TITAN Submarine Explodes During Its Voyage to the TITANIC Wreck

Humans Will Explore the Moon Again, Peeking at the Advanced Design of New Astronaut Suits

Coldplay Tickets in Singapore Are Cheaper Than in Indonesia?? 'Isn't That Dangerous?'