Categories: Bitcoin

BTC approaches $30k amid Bitcoin ETF approval looms

BTC approaches $30k amid Bitcoin ETF approval looms

Bitcoin was once trailing below the $25 mark. The token has now surged to over $29k. It was last seen trading around $29,450.28 while drafting this post. This is an increase of 3.86% in the last 24 hours, and we hope that it will bounce back to the all-time high mark after the halving process.

BTC has a lot to do with the bullish sentiment and speculation that ETF approval is on the table for finalization by January 2024.

Recent Surge in Bitcoin Sparks Optimism

The most recent performance of BTC dates back to merely 24 hours. That duration has seen a considerable increase. On top of that, the jump is in the last 7 days as well, with the token rising by 9.74% at the time of articulating this piece. The weekly gain is only obvious for two main reasons: the Bitcoin halving is coming closer, plus there is a chance that Spot Bitcoin ETF could be approved by the beginning of the next year.

It will be specifically for the US, paving the way for the entire crypto community to take the hint and follow the trend. It will provide a more structured manner of investment and a regulated environment for traders to grow their portfolios.

Bitcoin Forks Surges: Spectacular Gains in 24 Hours

Bitcoin Cash (BCH) and Bitcoin SV (BSV), respectively, have seen tremendous rises. Bitcoin forks are up by 7.77% and 27.47% in the same order in the last 24 hours. The weekly gain is rather impressive. BCH is up by 15.72%, and BSV is up by 61.45%.

Sentiments are the same in market cap and trading volume. Bitcoin Cash is up by 6.07% in market cap and 42.76% in trading volume. Bitcoin SV has jumped by 28.44% in terms of market cap and 98.95% in volume. The Bitcoin price forecast shows similar momentum. Along with the king of cryptocurrencies, there is a strong possibility that both of them will rise further and reach a higher milestone by the end of 2023.

Bitcoin ETF Filings and Regulatory Pressure

There is pressure on the SEC to meet the rising needs of the crypto community. Its recent fallout in the lawsuit against Ripple has opened doors for ventures to get in and claim a seat. This was more evident when the House Financial Services Committee sent a letter to Gary Gensler. It highlights how he has politicized the SEC while failing to meet the requirement for recordkeeping.

Another allegation is that the standards were not documented when the verdict was announced.

Grayscale Bitcoin Trust Conversion

Also represented as GBTC, Grayscale Bitcoin Trust could soon be converted into an ETF. Assuming that happened, ventures like BlackRock, Fidelity, and WisdomTree could go after it and launch a similar product for the community.

Products like ETF aim to make crypto more accessible to a larger number of enthusiasts. The potential impact on a broader market will open up opportunities for clothes to come with their ETFs and boost crypto trading.

Market sentiment

Traders are optimistic about the ETF approval. This is based on the fundamental principle of offering a more structured role in investment. The fact that they will be in a regulated environment will only strengthen the confidence of existing and new traders alike.

Confidence among the community of traders for ETF approval is growing. The SEC has decided to review the Grayscale ruling, per the recent update. Chances are, it will make way for the approval and settlement of the lawsuit.

Conclusion

Bitcoin is reaching closer to the $30k mark, with a number of factors contributing to this surge. Bullish sentiments are evident, given that it is poised to bounce back to the all-time high value of $65k by the end of next year.

David Cox: David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.