To underline the bullish sentiments, the performance of Bitcoin forks reflects the same optimism among investors.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has continued its rise to the $30,000 mark. The digital currency climbed to $29,800 in the past 24 hours, bringing its weekly gains to more than 11%. Bitcoin The highest price of $31,809 was reached in 2023 on July 13. However, it has struggled to reclaim its $30,000 level since July 24. In August, its value fell further to $26,000.
Bitcoin ETF price surge driven by sentiment
This recent surge in price has been driven by bullish sentiment around potential spot Bitcoin exchanges. There is optimism among investors and traders that the US Securities and Exchange Commission (seconds) Bitcoin ETF may be close to being approved.
Recall that Grayscale is looking to convert its largest institutional Bitcoin holding, the Grayscale Bitcoin Trust (GBTC), into an ETF. In August, the Court ruled in favor of Grayscale, overturning the SEC’s decision to deny the review.
Recently, the SEC chose not to appeal the decision, leading to talks about a possible sanction. Following this decision, several ETF providers amended their filings last week, putting pressure on the SEC to approve a Bitcoin ETF.
Again, four House Financial Services Committee members wrote a letter to SEC Chairman Gary Gensler, urging him to stop efforts to block regulatory approval of a Bitcoin ETF. Many traders believe that the decision in favor of Grayscale may further increase the bullish sentiment and lead to a broader surge in the market.
Bulls expect further rise
Meanwhile, the prospect of such an ETF has drawn bullish calls among Bitcoin enthusiasts. Anthony Scaramucci, founder and managing partner of SkyBridge Capital, said he expects Bitcoin to become a $15 trillion asset. Scaramucci pointed out that the digital asset is potentially more valuable than gold.
Elsewhere, Lucy Hu, a senior trader at Metalfa, said:
,[With the] Following the approval of the Bitcoin ETF and the halving event in April, the crypto market could be embarking on a very strong bull market.
To underline the bullish sentiments, the performance of Bitcoin forks reflects the same optimism among investors. Among alternative tokens, Bitcoin Cash (BCH) and Bitcoin SV (bsv) had the top gains, jumping as much as 26%.
Despite this, Bitcoin was trading at $29,718, According to CoinMarketCap At the time of writing.
An experienced writer with practical experience in the fintech industry. When he is not writing, he spends his time reading, researching, or teaching.
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