Bitcoin Climbs To $29,570
The widespread optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has sparked a price rally for the leading crypto asset. BTC’s price rose sharply since the previous day, reaching a high of $29,571 at the time of writing.
This represents a significant increase of over 10% in a single week. Other digital currencies, such as Bitcoin SV (BSV) and Bitcoin Cash (BCH), created by forking from Bitcoin, also saw substantial gains.
In the last 24 hours, BSV has gained 26.7% per Coingecko data, while BCH has gained 5% over the same period, according to the same data, making them among the highest altcoin gainers. This sharp spike suggests likely high trading activities.
Modifications To Numerous ETF Applications In Seven Days
This development coincides with when the US Securities and Exchange Commission (SEC) is under increased pressure to reconsider its position on approving a Bitcoin ETF. Market observers closely monitor the progress of a potential spot Bitcoin ETF approval.
If approved, it could open up new investment opportunities in Bitcoin, positively influencing its price. However, others referenced the volatility of the crypto market and warned that investments should always be cautiously approached.
House Committee Members Urge SEC To Consider ETF Approval
Four House Financial Services Committee members wrote to the SEC this week, urging the commission to comply with the court’s advice and stop attempting to block the regulatory approval of Bitcoin ETFs. In a related development, traders are reportedly anticipating the potential conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF.
GBTC is one of the largest institutional Bitcoin investors. In addition, Grayscale is one of several asset management firms that have filed for a spot Bitcoin ETF.
Other notable applicants include BlackRock, Fidelity, and WisdomTree. The clamor for spot Bitcoin ETF approval represents a significant shift in the cryptocurrency landscape, as many analysts believe that it will expand investment opportunities within the cryptocurrency landscape.
Boosting Market Confidence
Meanwhile, experts predict a boost in investor confidence and a significant increase in market activity if the US SEC approves Grayscale’s application to turn its GBTC into a spot BTC ETF.
Lucy Hu, a senior trader at Metalpha, highlighted the importance of potential ETF approvals and the growing number of submissions by major financial entities. According to Hu, the current BTC rally has been fueled by the possibility of an ETF approval and an increasing number of ETF proposals by leading asset management firms.
Since the SEC chose not to appeal Grayscale’s judgment and as the deadline for spot BTC ETF filings from establishments like BlackRock approaches, the market’s belief in at least one ETF approval will rise further.
Hu also explained the significance of the potential Bitcoin ETF acceptance and the upcoming halving event scheduled for April 2023. According to him, these critical events can spark a massive bull rally in the coming months.
These developments hint at a profitable period for both investors and traders. As the industry evolves, the crypto market presents profitable opportunities that excite stakeholders worldwide, causing a spike in its trading volume and market cap. At the time of writing, the crypto market cap rose by 3.16% in the last 24 hours to $1.16 trillion per Coingecko data.
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