quick take
Bitcoin has crossed the $27,000 level for the first time since June 7, marking a notable recovery from previous challenges.
It’s worth noting that this resurgence comes after significant regulatory pressure Bitcoin is facing over SEC lawsuits against major platforms Coinbase and Binance.
In a more optimistic development, the prospect of BlackRock’s Bitcoin spot ETF has surfaced and could provide a major boost to the cryptocurrency market.
Meanwhile, the ETH/BTC ratio continues its downward trend and is currently near its lowest point since the beginning of the year at 0.063. This reflects the continued strength of Bitcoin compared to Ethereum.
Additionally, Bitcoin open interest is trending upward. According to CoinGlass data, about 466,000 bitcoins have been placed in open interest contracts as of June 20. This marked the highest volume since March, suggesting increased market interest in the major cryptocurrency.
Post-Bitcoin climbs above $27,000 while the drop in ETH/BTC ratio first appeared on CryptoSlate.
