---
title: Cryptos are Trying to Rally- BITO and BITQ Could Explode
description: After falling to short-term bottoms in mid-June 2023, Bitcoin and Ethereum prices have taken off on the upside.
---

[Tradier Blog ](https://blog.tradier.com/blog)

# [Cryptos are Trying to Rally- BITO and BITQ Could Explode](https://blog.tradier.com/blog/bito-bitq-crypto-rally)

 Written by [Tradier Inc.](https://blog.tradier.com/blog/author/tradier-inc-) | Jul 3, 2023 5:21:49 PM

Bitcoin, the leading cryptocurrency, has been the leader for years, and in the current rally, Bitcoin has taken the leadership baton. After falling to $24,815.78 on June 15, Bitcoin exploded 26.5% to a new high for 2023 at $31,392.56, the highest price in a year since June 2022. Bitcoin was trading above the $30,000 resistance level on Friday, June 30.

Ethereum, the second-leading cryptocurrency, rose 18.7% from $1,627.227 to $1,932.774, underperforming Bitcoin. Moreover, Bitcoin rose to a new 2023 high, while Ethereum remains well below its mid-April $2,137.77 peak for 2023. Ethereum was around the $1,850 level on June 30.

The cryptocurrencies have rallied, and if the price action over the past years is a guide, it could be on the verge of an explosive bullish move. Bitcoin is the leader of the crypto pack, and its performance is a sign that this rally could be for real.

 

**Regulations on smaller cryptos could be more onerous- The number of cryptos continues to rise**

- SEC Chairman Gary Gensler believes many cryptos are securities and subject to regulation.
- Chairman Gensler said, “[There is lots of innovation, but plenty of hype](https://www.sec.gov/news/speech/gensler-remarks-crypto-markets-040422?utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9qnPv3q5YM-26Zg-098B9yYDm2ma14zw4PDvH1kCKBPSF3JJT0yOoHSnI8EnmkGuveFJSn)*.”*
- The SEC has sued Binance and Coinbase, and more regulatory actions are on the horizon.
- Senator Elizabeth Warren is “[*building an anti-crypto army*](https://www.politico.com/news/2023/02/14/elizabeth-warren-anti-crypto-ftx-00082624?utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9qnPv3q5YM-26Zg-098B9yYDm2ma14zw4PDvH1kCKBPSF3JJT0yOoHSnI8EnmkGuveFJSn)” to combat systemic risk and other abuses.

** **

**Bitcoin is on the edge of a bullish springboard at the $30,000 level**

- Bitcoin prices have rallied to a new high for 2023 at $31,392.56 on June 23.
- Technical resistance stands at the May 2022 $32,329.54 high.
- Bitcoin was just above $30,000 per token on Friday, June 30.
- Bitcoin nearly doubled from the November 2022 low at the current price level.

** **

**BITO is a Bitcoin futures ETF with two regulatory layers**

- BITO is an ETF that tracks CME Bitcoin futures prices.
- BITO rallied over 76% from $9.48 in November 2022 to $16.77 on June 30.
- BITO offers two regulatory levels. The CFTC regulates the CME futures, and the SEC the ETFs that trade on NYSE Arca.

** **

**BITQ tracks Bitcoin prices**

- BITQ is the Bitwise Crypto Industry Innovators ETF that holds shares in Bitcoin-related companies, including, but not limited to, platforms and miners.
- BITQ moved 146% higher from $3.20 in December 2022 to $7.89 on June 30.
- BITQ is regulated by the SEC as it trades on NYSE Arca, and its holdings are publicly traded, regulated companies.

** **

**Volatility involves risks- Capital invested is at 100% risk**

- Investing in cryptos, related companies, or ETF products is a misnomer, as risk makes them speculative.
- The potential for significant profits comes with commensurate risks of loss.
- Only invest capital you can afford to lose.
- Trend-following and the boom-and-bust history suggest another boom period could be on the horizon for Bitcoin, the leading cryptocurrency.
- Cryptos and blockchain reflect technological innovation in finance. The debate over the future of the asset class with a $1.17 trillion market cap remains heated.

 

Thanks for reading, and stay tuned for the next edition of the Tradier Rundown!

 

 

[View full post](https://blog.tradier.com/blog/bito-bitq-crypto-rally)

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