BTC was holding at about $30.5K as most major cryptos were in the green when the Wednesday Asia trading day began. Strong US economic data on Tuesday suggested that 'the economy isn't breaking just yet,' an analyst said. TheSamReynolds writes
Most major digital assets are beginning the East Asia trading day well into the green, as positive economic data from the U.S. buoyed markets.
Bitcoin was up 1% and trading at $30,585, while ether is up 0.9% and trading at $1,874, according to CoinDesk data. Layer 2 tokens, such as Arbitrum and Polygon were also in the green with ARB recently up 5.4% and MATIC 3%. The“There was a lot of US economic data released today, and the key takeaway was that the economy is not breaking just yet,” Edward Moya, OANDA Senior Market Analyst, told CoinDesk in a note. “Bitcoin momentum remains intact as Fidelity joins the quest for the elusive bitcoin ETF…optimism is here that one of these financial giants will get one done before summer's end.
“Bitcoin trades above the 30,000 level investors are waiting to see if the rally can continue. Initial resistance comes from the 34,000 level, and if we do see a bitcoin ETF approval, institutional momentum could take the rally as high as the $40,000 level,” he told CoinDesk. “Any major setbacks with a BlackRock ETF rejection and a Grayscale defeat could temporarily kill the rally, but optimism will still remain that the ETF will eventually get done.
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