The price of Bitcoin (BTC) experienced a rapid recovery from the bottom level of $ 38,500, where it fell last week, and rose above $ 43 thousand again.
Bitcoin started to decline after SEC approved spot ETF. at $38,500 within a week while finalizing 13.5% value experiencing an increase to $43,700 reached up to. With Bitcoin, there has been a greening of the entire cryptocurrency market.
Among major altcoins Ethereum (ETH) in the last 24 hours 1.6%, BNB 1.5% solana (LEFT) 5.4% Cardano (ADA) 7.7% experienced an increase in value.
What is the reason for the rise?
The event that triggered the decline in Bitcoin price first led to an increase. From the US Securities and Exchange Commission (SEC) After receiving approval, Grayscale started selling the Bitcoins disposed of by investors who had previously invested in the GBTC fund.
While these sales led to a decrease in the price, the decrease in sales caused the price to begin to increase. GBTCOutflows from have decreased gradually in the last five days and yesterday $192 million The lowest levels were seen with the exit.
Moreover December 31 (tomorrow) US Federal Reserve (FED) The interest rate decision to be announced effect on price It is thought to be. Expectations that the FED will release interest rates paved the way for an increase in Bitcoin and general risk assets.
CME FedWatch According to the data, the probability of no interest rate increase in the current situation is approximately at 98% levels is available.
On the other hand, Bitcoin on January 29 The best of spot ETFs 3rd day Its survival is also considered as one of the positive news. Spot ETFs traded on US Stock Exchanges BlackRock as well as Fidelity, creating sales pressure More than grayscale saw the entrance.
This situation will ensure that the sales pressure experienced will disappear. to point out triggered the price rise.
According to CoinGecko data bitcoin, while writing from $43,350 is being traded.