Before, Bitcoin was trading below the $25 level. The token has since risen to more over $29k. As I was writing this report, it was last spotted trading around $29,450.28. This is an increase of 3.86% over the previous 24 hours, and after the process of halving, we anticipate that it will return to its previous peak. The bullish outlook and rumours that ETF approval would be finalised by January 2024 have a big impact on BTC.
Recent Bitcoin Growth Encourages Hope
The BTC’s most recent performance was just a day ago. There has been a significant increase in that duration. Additionally, the increase occurred in the previous week as well; at the time this article was written, the token had increased by 9.74%. The weekly gain is only evident for two main reasons: the approaching Bitcoin halving and the potential approval of the Spot Bitcoin ETF by the start of the following year.
It will be tailored exclusively for the US, allowing the entire cryptocurrency community to pick up on the cue and adopt the fad. It will give investors greater structure and give traders a controlled environment.
Amazing Gains in 24 Hours after Bitcoin Forks
Both Bitcoin Cash (BCH) and Bitcoin SV (BSV) have experienced spectacular increases. In the past day, Bitcoin forks have increased by 7.77% and 27.47% in that order. The weekly gain is quite remarkable. BCH is up 15.72 percent, and BSV is up 61.4 percent.
Trading volume and market cap do not affect sentiment. Market capitalization of Bitcoin Cash is up 6.07%, and trading volume is up 42.76%. Market cap for Bitcoin SV has increased by 28.44%, and volume has increased by 98.95%. The price prediction for bitcoin displays a comparable trend.
Filings for Bitcoin ETFs and Regulatory Pressure
The SEC is under pressure to respond to the growing demands of the cryptocurrency sector. Its most recent legal setback against Ripple has made it easier for businesses to enter and take a seat. When Gary Gensler received a letter from the House Financial Services Committee, this became more clear. It demonstrates how he politicised the SEC while disobeying the record-keeping mandate.
Bitcoin Trust Conversion in Grayscale
Grayscale Bitcoin Trust, often known as GBTC, might soon become an ETF. If that occurred, businesses like BlackRock, Fidelity, and WisdomTree might pursue it and introduce a comparable product for the public. Products like ETF attempt to increase the accessibility of cryptocurrency for more enthusiasts. The potential influence on a larger market will increase cryptocurrency trading and provide opportunities for clothing to be paired with their ETFs.
Market attitude
The clearance of the ETF has traders feeling upbeat. This is founded on the core idea of giving investments a more organised function. The fact that they will operate in a controlled atmosphere will only increase the trust of both experienced and novice traders.
The trading community is becoming more certain that ETF approval will happen. According to the most current report, the SEC has chosen to revisit the Grayscale decision. Most likely, it will pave the path for the lawsuit’s acceptance and settlement.
