Bitcoin Price Rises Amid US Government Shutdown Concerns
The Bitcoin price has surged in the last 24 hours as concerns about a potential US government shutdown loom. This increase comes at a time when several spot Bitcoin ETF filings, including those from Blackrock, Bitwise, ARK Invest, and Invesco, have been delayed by the US Securities and Exchange Commission (SEC).
Bitcoin Sharks and Whales Increase Holdings
Data from Santiment reveals that Bitcoin wallets holding between 10 to 10,000 BTC currently have the highest amount held in 2023. This indicates a high level of confidence in the crypto asset market. It raises the question of whether this is due to anticipated favorable developments around spot Bitcoin ETF approval in 2024. According to Santiment’s data:
“Bitcoin sharks and whales, defined as 10 to 10K BTC wallets, have now accumulated their highest amount held in 2023, at 13.03 million BTC.”
Previously, CoinGape reported on the SEC’s delay of filings from Blackrock and Bitwise. The Invesco filing was also delayed on September 28, 2023. Out of the seven applications for spot ETFs, four have already been delayed.
Potential BTC Price Surge
With the US Congress running out of time to avoid a government shutdown, there is no plan in place to prevent a pause in federal government operations affecting millions of staff members. This situation may present an opportunity for the BTC price to surpass the $30,000 mark. Similar developments around the US banking crisis in Q1 2023 led to a boost in BTC price. However, it remains uncertain if lawmakers will be able to reach a spending plan soon.
Hot Take: Bitcoin Price Rises Amidst US Government Shutdown Concerns
The Bitcoin price has experienced a surge in the face of concerns over a potential US government shutdown. The delay of spot Bitcoin ETF filings by the SEC has also contributed to this upward trend. On-chain data shows that large BTC holders have increased their holdings, indicating strong confidence in the crypto market. With the US Congress yet to find a solution to avoid a government shutdown, there is a possibility for the BTC price to surpass $30,000. This situation mirrors previous instances where BTC price was boosted during the US banking crisis. It remains to be seen if lawmakers will be able to reach an agreement and prevent a shutdown.
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