Bitcoin recently experienced a much-awaited 10% surge to hit $30,000 on Monday. The hike emerged amid the increasing whispers surrounding a BTC ETF.
This development demonstrated how the ETF can change the crypto industry’s outlook. Most crypto traders were stunned by an erroneous report suggesting that BlackRock was approved to launch its spot ETF.
The unverified rumor boosted BTC’s price to $30,000, a feat not achieved since March 2023. BlackRock Inc. is one of the many firms trying to get the US’ first BTC ETF approved. Experts believe that such an approval can bring the crypto market back on track.
As expected, the rumor alone enticed users to invest in BTC. Moreover, it garnered the attention of investors toward a Bitcoin price prediction for better assessment. The biggest crypto in the world is currently trading at $28,160, with a 1.18% growth in the past 24 hours.
James Seyffart, a renowned ETF analyst, talked about the recent developments as well. As per Seyffart, this was like a demo of what can happen if the ETF gets approved. It essentially offered a playbook to traders for the inevitable ETF approval.
Data from Coinglass suggested that over $107 million worth of BTC were liquidated in the past 24 hours. Most of these traders were betting on lower BTC prices for a while.
Noelle Acheson, the author of Crypto Is Macro Now, also commented on the situation. Acheson stated that the market will see more development along with some progress on the ETF side. The crypto expert expects traders to use BTC to hedge against economic and geopolitical uncertainties.
Despite the growing optimism surrounding a Bitcoin ETF, the SEC has yet to reciprocate the enthusiasm. The board has resisted the idea of BTC ETFs due to the risk of manipulation and fraud on the spot market.