Bitcoin managed to stay above the crucial $30,000 threshold while other leading cryptocurrencies saw gains, following the approval of the first leveraged Bitcoin futures ETFs by the U.S. securities regulator.
This development comes as traditional financial institutions increasingly express interest in entering the crypto market, with JPMorgan launching euro-denominated transactions on its blockchain-based payment system.
Bitcoin experienced a slight dip of 0.35% to $30,444 over the past 24 hours, but still showcased a strong weekly gain of 15.44%.
Ether, the second-largest cryptocurrency, recorded a 1.18% increase to $1,898, with a weekly gain of 10.32%. Among the top 10 non-stablecoin cryptocurrencies, Polkadot led the gains with a 3.28% rise in the last 24 hours, contributing to a weekly gain of 14.28%.
Litecoin was the only token on the list to decrease, dropping 1.48% over the past 24 hours, but still accumulating a 14.24% weekly gain.
The U.S. Securities and Exchange Commission (SEC) granted approval to the first leveraged Bitcoin futures ETFs offered by Volatility Shares.
The “2x Bitcoin Strategy ETF” is scheduled to commence trading on June 27 on the CBOE BZX Exchange. While the ETF will not directly invest in Bitcoin, it aims to benefit from price increases in Bitcoin futures contracts on a daily basis.
This approval follows recent filings by BlackRock and WisdomTree for spot Bitcoin ETFs, indicating traditional institutions’ growing interest in the crypto market.
JPMorgan Chase & Co., the New York-based investment bank, introduced euro-denominated transactions on its blockchain-based payment system, JPM Coin.
Clients can now transfer euros or dollars held in their JPMorgan accounts instantly and at any time, offering a departure from the traditional banking system’s limitations in terms of operating hours.
