In a significant advance that reignites optimism among investors and cryptocurrency enthusiasts, Bitcoin surpassed the US$37,000 mark and came close to the US$37,970 zone with more than 5% increase on the day. This level had not been reached since the turbulent events involving the fall of the Terra project, which triggered a series of bankruptcies in the crypto universe, including the collapse of the FTX exchange.
Bitcoin’s current moment, trading at US$36,231.22, reflects a robust increase of 2% in just one day and signals an appreciation of 35% in the last month.
This jump in Bitcoin’s value can be attributed to growing speculation that an Exchange-Traded Fund (ETF) based on the most prominent cryptocurrency could be on the horizon. The concept of a Bitcoin ETF has been a topic of intense interest as it allows investors to have exposure to the value of Bitcoin without the need to own the asset directly, a proposition that could bring an additional layer of security and accessibility for those interested in the cryptocurrency market.
Renowned Wall Street firms have shown interest, asking the SEC for permission to launch such funds. With BlackRock already paving the way for ETFs earlier in the year, JP Morgan released the prediction that the SEC could greenlight a Bitcoin ETF by January 2024, which would be an unprecedented event.
Analyzing the scenario with a magnifying glass, Bloomberg experts suggest that the SEC could approve up to 12 Bitcoin ETFs in the near future, which could be a watershed for the market.
In addition to Bitcoin, other cryptocurrencies are also showing notable performance. Solana, for example, saw growth of over 10%, and Chainlink saw an increase of 11%. These upward movements contribute to a 3.5% growth in the total value of the cryptocurrency market, which today reaches the US$1.44 trillion mark.
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