Whales accumulated a large number of Bitcoins last weekend due to developments between the US SEC and Grayscale.
Last week, the world’s largest cryptocurrency Bitcoin (B T c) gave a strong breakout and reached the $28,000 level. At press time, the price of BTC is up 3.8% at $27,904 and the market capitalization is $544 billion.
Recent Price Rally US Securities and Exchange Commission (seconds) decided not to challenge the court ruling that allowed Grayscale to convert its GBTC into a spot Bitcoin ETF. This makes the chances of a spot Bitcoin ETF coming to market soon even better.
In a recent note, Bloomberg analysts Eric Balchunas and James Seifert estimated a high 90% chance of a spot Bitcoin exchange-traded fund (ETF) being approved by January 2024. They based this prediction on recent adjustments. Spot Bitcoin ETF prospectuses, presented by Ark Invest and 21Shares, interpret these updates as a sign of positive negotiations with the Securities and Exchange Commission, which often precedes regulatory approval.
Balchunas and Seifert expressed their confidence in potential approval, especially with Arch’s upcoming January 10 deadline. James Seifert said he expects negotiations between the US SEC and Grayscale to begin this week.
1. I guess the deal is done, is that correct. no en banc application
2. No, I do not think they will appeal to the Supreme Court.
3. Talks between Grayscale and the SEC should begin next week. Expecting more information about the next steps sometime next week or so? https://t.co/2EayzqeKGq
– James Seyffert (@JSeyff) 13 October 2023
On the other hand, on-chain data also shows that Bitcoin whales have been accumulating over the past weekend. latest report From Sentiment Notes: Bitcoin’s resurgence to the $28,000 mark can be attributed to the momentum of long-dormant coins that were previously stagnant. This shift marks the most significant transfer of inactive Bitcoin (BTC) between wallets since July, and is indicated by notable spikes in our age consumption metric, indicating potential shifts in price direction.
Altcoins Join the Bitcoin Party
Ethereum also showed positive momentum, maintaining levels above $1,550 with a slight half percent rise. Most of the top cryptocurrency tokens were seen in the green in morning trading.
Tron and BNB each posted gains of 2 percent, while Chainlink saw a rise of more than 1 percent. Solana and Litecoin were among the notable performers during this period. On the other hand, Polygon and Dogecoin were among the top gainers of the day.
The overall cryptocurrency market cap saw a significant increase, recovering from a one percent decline in the last 24 hours to reach the $1.06 trillion mark. Additionally, total trading volume saw a significant increase of up to 38 percent, reaching $19.4 billion.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
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