Good morning. Here’s what’s happening:

Prices. Market is confident that bitcoin ETF applications re-filed will have legs.

Insights Crypto majors have seen a huge increase in the first half 2023, as the market is repairing the damage caused by last year’s disasters.


Bitcoin Crosses $31K After Bitcoin ETF Issuers Begin Refiling

Happy Fourth of Julembre.

The market has been relatively quiet while many Americans are on a long weekend.

The largest digital asset in the world, bitcoin, surged to $31,153 on Tuesday morning.

In a CoinDesk note, Rachel Lin, CEO of SynFutures and co-founder, said that the enthusiasm for bitcoin was growing. This is due to efforts being made to revive spot Bitcoin ETF applications. Its dominance in the crypto-market is becoming more evident. Nearly half of the $1.2 trillion industry market cap represents the strongest position it has had in two years.

The CoinDesk Market Index has increased 18 points, to 1,318.

The Bored Ape Yacht Club NFT collection has hit a new low in October 2021, with a price floor below 30 ETH (58,700), a drop of almost half since April. This reflects a general slump on the NFT market. The ether protocol is more popular than this particular use case, but considering ether’s performance.

The Biggest Gainers

Biggest Losers

The crypto market had a tough year in 2018. It began with rising rates and ended with the collapse of Three Arrows Capital, Do Kwon’s LUNA and FTX.

Messari data shows that 2023 is doing much better.

Crypto majors, which are the 43 tokens that have a market capital of more than $1 billion, saw an average gain of 34% during the first half year. Comparatively, the same group of tokens fell by an average of 56% during the same time period last year.

(Messari)

Bitcoin has risen 84.6% so far this year compared to the fall of almost 60% in the first half 2022.

Bitcoin Cash (BCH), out of all major assets, has performed the best. It is up 203% this year. CoinDesk previously reported that technical improvements in the protocol, and the introduction a framework allowing for the development of dApps have likely pushed investor interest up.

Lido DAO, a liquid staking platform, also performed well during the period. It rallied on February’s comments by Gary Gensler (SEC chair) regarding a ban on staking and on the closure of Kraken’s stake service.

Solana has also risen 93% in the first half of this year, raising the prospects for the Layer-1 Protocol, whose value surged during the bull market of 2021, but plummeted along with the rest crypto during the dark days of 2022.


Important events.


CoinDesk TV

If you haven’t seen it yet, here’s the latest episode of First Mover on CoinDesk TV.

Brett Harrison, former FTX USA president and CEO of Architect, joined “First Mover”. He discussed the recent flurry in spot bitcoin ETF application filings in the U.S. as well as his views on the intersection between artificial intelligence and financial services. David Duong, head of research at Coinbase Institutional, shared his outlook on the crypto market for July. Superstate CEO Robert Leshner also discussed plans to create an Ethereum-based short-term bond fund that will use the blockchain as a secondary recording tool.

Three Arrows Founders Will Donate Future Earnings To Creditors In Spirit Of ‘Karma’ : After the collapse of the hedge fund, victims and observers of the crypto industry have criticized it. But one partner, Kyle Davies says that “karma” is what motivates founders of the fund to give back.

BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner: Refiled application by Nasdaq to list a BlackRock bitcoin ETF follows a report last week that the SEC deemed earlier proposals “inadequate” since they didn’t specify the name of the underlying market in so-called surveillance-sharing agreements.

How Central Bankers are Reshaping Money Definitions: The central bankers recognize that money definitions change with the technology. They’re not willing to allow innovation to happen organically, as new technology is developed. They want to keep control.

Bored Ape Yacht Club NFT floor price sinks to 20-Month low: On Sunday evening, the Yuga Labs collection NFT’s floor price fell to 27,4 ETH or approximately $53,000 before recovering slightly.

James Rubin is the editor.