Crypto Market Turning & Bitcoin Price Over $30k: What’s Caused This Rally?
The post Crypto Market Turning & Bitcoin Price Over $30k: What’s Caused This Rally? appeared on BitcoinEthereumNews.com.
Bitcoin is on the cusp of the $30,000 mark as investors bet on ETF approval. The markets are turning, and it looks like Bitcoin will break higher from here. Bitcoin is currently trading at $29,538, up to 3.44% in the last 24 hours, according to CoinMarketCap. The flagship cryptocurrency surpassed $30,000 earlier as optimism on exchange-traded fund (ETF) approval grew. Bitcoin Gains Bullish Momentum JPMorgan said today that the U.S. Securities and Exchange Commission (SEC) will likely approve at least a Bitcoin spot ETF before Jan. 10, 2024. The date is also the due date for the SEC’s decision on Ark 21Shares application. Previously, CEO of Ark Investment Cathie Wood told CNBC that Ark 21Shares’ application is progressing and the SEC showed changes in behavior. JPMorgan’s comment is broadly in line with the predictions of Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence. The two experts predicted a 90% likelihood of a spot ETF getting approved in January. Grayscale Investment, a prominent spot Bitcoin ETF applicant, announced today that it sent a new filing to the SEC. Grayscale’s goal is to convert Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. As explained in Grayscale’s blog post, the new development is in conjunction with the filing of an S-3 document, which is a more streamlined version of the conventional S-1 filing commonly used for issuing new shares. The firm’s ongoing pursuit of a Bitcoin spot ETF offering reflects their willingness to navigate regulatory complexities. The SEC, following a legal dispute with Grayscale, has shown no intention of appealing a court ruling in favor of Grayscale. Under the court’s request, the agency must review Grayscale’s proposal to convert its Bitcoin Trust to a spot product. Additionally, the agency is reportedly reviewing other spot Bitcoin ETF filings, including those from…
Filed under: News - @ October 22, 2023 8:24 am