Recent developments in the ever-evolving world of cryptocurrency are paving the way for a potential breakthrough that excites investors and enthusiasts. Bitcoin, the world’s largest cryptocurrency, surpassed the $35,000 mark on Tuesday morning, marking an important turning point in its price history. Here are the details…
Bitcoin price skyrocketed
The catalyst behind this impressive price increase is rising expectations for the approval of spot Bitcoin Exchange Traded Funds (ETFs). Bitcoin’s price surged a significant 14.8% in just 24 hours to $35,066, its highest level since May 2022, contributing to a weekly gain of 22.8%. This rapid rise is seen as a direct response to rising hopes for Bitcoin ETF approval this year.
The catalyst behind this impressive price increase is the growing anticipation surrounding the approval of spot Bitcoin Exchange Traded Funds (ETFs). Bitcoin’s price surged a significant 14.8 percent in just 24 hours to $35,066, its highest level since May 2022, contributing to a weekly gain of 22.8%. This rapid rise is seen as a direct response to rising hopes for Bitcoin ETF approval this year.
What do the experts say?
Lucy Hu, a senior trader at Metalpha, a Hong Kong-based crypto asset management firm, highlighted the direct correlation between Bitcoin’s price rise and the growing expectation for Bitcoin ETFs. He also noted that the ongoing Middle East conflict is encouraging institutional investors to diversify their portfolios by adding Bitcoin, which they see as a hedge against geopolitical turmoil and rising government spending.
Jack Tan, co-founder and CEO of crypto trading service WOO Network, also acknowledged the potential for Bitcoin to “rise” in anticipation of spot Bitcoin ETFs, particularly as a response to geopolitical unrest. Underlining the need for more government spending and money printing, Tan suggested that Bitcoin is preferred as a store of value in uncertain times. The recent rise in Ethereum, which rose 7.8% in the last 24 hours and 13.5% in the week, further underlines the bullish sentiment in the entire cryptocurrency market.
ETF developments are critical
One of the most important developments contributing to this optimism is the listing of BlackRock’s iShares Bitcoin Trust by the Depository Trust and Clearing Corporation (DTCC). Eric Balchunas, senior ETF analyst at Bloomberg, noted that this is the first spot ETF to list on DTCC, marking BlackRock’s leadership regarding Bitcoin ETFs such as seeding, ticker assignments, and DTCC participation. This development is considered a strong indication that approval is near.
Recent comments from a pseudonymous crypto analyst, CrediBULL Crypto, add more fuel to the fire. The analyst believes that the current bull market is just the beginning and suggests that starting from the weekly time frame, significant price movements occur when the Relative Strength Index (RSI) crosses the overbought threshold. CrediBULL Crypto’s remarks highlight the potential for further price increases in the coming weeks.
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For the rest of the article, Bitcoin is at its highest in 1.5 years: What’s Next?