Bitcoin has yet again proved why it is the top cryptocurrency. Recently, the crypto surged above 62,000 dollars amid the SEC’s speculations to release a US Bitcoin ETF. Ethereum, the second-largest crypto, also reached 3,885 dollars recently.
The incident delighted every crypto investor while a four-year-old girl shook the industry with a whopping 6,500% profit. The toddler (identity hidden) received 1 Bitcoin from her father in 2017. Bitcoin was valued at 915 dollars at the time, and now its value has soared above 62,000 dollars.
The father bought a BTC for the daughter on her birth as a gift and investment. At that time, the crypto was still valued at 5,000 Brazilian Real, said Canhada, Foxbit’s founder.
As per the Bitcoin projection by major experts, Bitcoin crossed the 60,000 dollars mark for the first time since April 2021, showing a positive outlook for the industry. Experts believe the reason behind the surge is the speculation regarding the Securities and Exchange Board’s decision regarding BTC futures ETFs.
An ETF or exchange-traded fund is a monetary instrument that can comprise multiple assets, which users can trade on exchanges like standard securities. The SEC has rejected multiple attempts to build a BTC ETF since 2013.
However, its latest tweet sparked a string of speculations in the market. The tweet said, “ensure to assess the pros and cons before investing in funds that hold BTC futures contracts.”
Edward Moya, OANDA’s senior market analyst, talked to AFP (news agency) on 15th October. He stated that the Securities and Exchange Commission’s BTC ETF approval could steer the new wave of cryptocurrency investors.
The previous three months have been amazing for Bitcoin, with 90% growth, nearing the record high of 64,869 dollars set in April 2021. The crypto has breached its channel pattern, and the week is showing an even better outlook. However, Bitcoin might face its next resistance at 63,300 dollars, said Siddharth Menon, WazirX’s COO.
At the current pace, a green signal from the SEC can help Bitcoin reach unforeseen market value. Even the speculations regarding the decision are fueling its value near the all-time high.