Potential For A Bitcoin ETF Leads To A Price Rally As BTC Rises Above $30,000
The price of Bitcoin (BTC) reached a high of $30.442.35, within the last seven days. The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), was able to rise beyond $30,000 and stay stable as a result of investors' restored faith in the potential for US Securities and Exchange Commission (SEC) approval of the Bitcoin Spot ETF. Prices have benefited from the SEC's decision to not contest the Grayscale ETF application. How long this most recent rise can last is still to be seen. Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future. The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research. Crypto Prices Over The Past Week The price of ETH was at about $1,562.92, and the price of BTC was approximately $27,221.97. The total market capitalization increased to $1.16 trillion a week later. With a total volume of $3.62 billion, DeFi accounts for 7.97 percent of the market's 24-hour volume. Stablecoin volume as a whole is $42.12 billion, or 92.87 percent of the total 24-hour market volume. The overall market fear and greed index, as reported by CoinMarketCap, was at 55 points (out of 100), indicating a small increase in investor confidence from the previous Monday. The dominance of BTC was 51.27 percent at the time of writing. Bitcoin reached a high of $30.442.35 on October 23 and a low of $27,278.651 on October 16 over the last seven days. In contrast, the price of Ethereum witnessed highs of $1,676.67 on October 23 and lows of $1,547.06 on October 19. Crypto Events To Note In line with a research report published on Wednesday by JPMorgan, the value of Bitcoin (BTC) increased this week, mostly due to increased hope for the approval of multiple spot bitcoin exchange-traded funds (ETFs). According to the article, the clearance of these ETF applications has advanced with the Securities and Exchange Commission's (SEC) recent decision to not appeal a significant finding in the Grayscale case. The largest cryptocurrency fund in the world, the Grayscale Bitcoin Trust (GBTC), is managed by Grayscale. Although the precise date of the approval is yet unknown, the source indicates that it is expected to happen in the upcoming months, potentially before of the January 10th deadline for Ark 21Shares applications. According to analysts under the direction of Nikolaos Panigirtzoglou, this development is important for Bitcoin's current upswing in performance. In other news, the circulating quantity of Wrapped Bitcoin (WBTC), a cryptocurrency linked 1:1 to Bitcoin (BTC), has decreased by over 23,000 coins during the last 10 months, beginning in mid-December 2022. There are currently 79,839 distinct WBTC wallet owners. Notably, 73.76 percent of these tokens are held by a small group of the top 100 holders. The project is worth $4.88 billion on the market because there are 79,839 different wallets that hold WBTC and there are 163,006 tokens in circulation. The amount of WBTC in circulation has dropped from 185,909 WBTC to its current level of 163,006 WBTC, a fall of 12.31 percent since December 17, 2022. Bitgo, Kyber Network, and Ren (formerly known as Republic Protocol) collaborated to launch the Wrapped Bitcoin project. In late January 2019, it was released on the Ethereum network. WBTC's minting and redemption procedures are supervised by custodians, and everyone involved in them must abide by know-your-customer (KYC) and anti-money laundering (AML) laws. Finally, in response to questions from the cryptocurrency industry, Hong Kong's central bank and securities regulating agency recently updated their crypto policies. These regulatory organisations have put additional measures in place to protect the interests of retail investors in a notice about intermediaries' involvement in virtual asset activities. Among these measures are restrictions on the availability of "sophisticated financial products" to regular investors. The Views Of Cryptocurrency Traders Regarding The Present Market Situation Over the weekend, Bitcoin crossed the $30,000 threshold, propelled by fresh hope that a Bitcoin Spot ETF may be approved after many candidates revised their US SEC filings last week. With a remarkable increase of more than 11% over the last seven days, Bitcoin hit a three-month high. There is an optimistic attitude prevalent in the market. Ethereum, meantime, has managed to overcome the $1,600 barrier and is currently trading above $1,650. meantime, other cryptocurrencies, such as Solana and Chainlink, have grown quite well, showing gains of over 35% and 41%, respectively, over the past week. Those who are interested in cryptocurrencies are hopeful that Bitcoin will reach $100,000 within the next five years. Anticipated approvals of Bitcoin ETFs, which are anticipated to draw institutional investors, are the source of this excitement. The likelihood of Grayscale's Bitcoin Trust becoming a spot ETF is increased by the US SEC's non-appeal ruling in its favour. This story caused Bitcoin to momentarily surge to $30,000. A fictitious social media post resulted in around $100 million in liquidations. After retreating to $28,000, Bitcoin's dominance rate surged to 52.55 percent amid ETF concerns. The market's attitude is neutral at 52 according to the Crypto Fear & Greed Index.
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