Bitcoin ended the previous week at $40,210. Moving above the $40k mark was inevitable. What comes as a surprise is that it has recovered pretty quickly from the crypto winter. Another aspect contributing to the leading cryptocurrency’s growth is anticipation about the Spot Bitcoin ETF. BlackRock is upbeat, and the SEC isn’t pushing forward with its case against Grayscale Investment.
Plus, many firms have come forward with their respective Spot Bitcoin ETF applications. Experts expect the SEC to line up all of the Spot Bitcoin ETF applications for a single approval.
Simply put, BTC has built the momentum, and the enthusiasts want the token to inch closer to the $100k mark. The current mark is the highest in the current year, and if it breaks the said mark, then it will have broken the milestone of the 2021 high as well. It was $60k for BTC.
It is now moving on an upward trajectory at a pace that strengthens the stage for the ATH value to be achieved by the end of this year. Currently, Bitcoin is trading at $40,998.78, experiencing a 4.40% jump in the last 24 hours.
The rise is noteworthy because it reflects an increase of 10.07% in the last 7 days and a magnificent rise of 18.99% in the last 30 days. Bitcoin price prediction estimates that the token may end in 2023 at $64,732.93. Originally, BTC was estimated to reach $100k in 2025. However, current conditions that extend to rate hikes by the Federal Reserve and the rise in inflation have contributed immensely to Bitcoin gaining recognition.
Pulling Bitcoin down was also the FTX scandal. As a matter of fact, the entire crypto industry was under a bearish umbrella for a longer time.
The Federal Reserve may not hike rates again. It is only likely to bring it down. Gold and other traditional investment instruments have made a better recovery.
Brian Armstrong, the Chief Executive Officer and Co-Founder of Coinbase believes that the rise of BTC may be the key to extending Western civilization. The belief is based on the notion that the United States is on the road toward having sufficient digital currency reserves. Sufficient to power the global transition from fiat to cryptocurrency without losing their positions.
Brian has said that both currencies will complement each other and defend the long-term interests of the US. He has further acknowledged that stablecoins will play a bigger role in unifying fiat and digital currencies.
Bitcoin is still subject to volatility, and all the movements that it makes in the future, or at any time, can swing either way—bullish or bearish. Investments in crypto or any other instrument should only be done after DYR.
Ethereum is following the trend at $2,245.80, with an increase of 4.04% in the last 24 hours. It may hit the 2021 high mark of $4k in the next year.