Bitcoin Breaks $35,000 as Bullish Week Continues
Bitcoin has reached a price of $35,000, according to data from CoinGecko, marking a level not seen since May 2022. While the increase represents just a 4% rise for the day, it is part of a very bullish week for the cryptocurrency market. Over the past seven days, Bitcoin has surged by more than 24%, pulling other cryptocurrencies like Ethereum, XRP, Solana, Cardano, and Dogecoin along with it. Among the top ten cryptocurrencies by market cap, Solana has experienced the largest gains with a 41% rise since last Wednesday.
Hopes of Bitcoin ETF Approval Drive Rally
The recent rally in the cryptocurrency market is likely fueled by renewed hopes of an imminent approval for a Bitcoin exchange-traded fund (ETF). An ETF would allow larger institutions to invest in cryptocurrencies without needing to navigate the technical complexities. BlackRock, Fidelity, Ark Invest, and Invesco are among the heavyweight firms competing for SEC approval. BlackRock’s entry into the space has garnered significant attention due to its size as a $10 trillion asset manager. Other firms such as Ark and Fidelity have also filed amended applications, suggesting that the SEC is providing clearer guidance.
Progress in ETF Approvals
An amendment to Ark’s filing indicates progress and clearer guidance from the SEC. Bloomberg ETF analyst Eric Balchunas sees this as a positive development and solid progress towards ETF approvals. However, competition among firms remains intense, and there is no guarantee of initial market acceptance and scale for any approved ETF. The race for ETF approval continues as institutional investors eagerly anticipate easier access to cryptocurrencies through regulated investment vehicles.
Hot Take: Bitcoin Continues to Surge Amidst Bullish Week
Bitcoin has broken the $35,000 mark, reaching a price not seen since May 2022. This milestone comes as part of a highly bullish week for the cryptocurrency market, with Bitcoin surging more than 24% in the last seven days. Other cryptocurrencies have also experienced significant gains during this period. The recent rally is fueled by hopes of a Bitcoin ETF approval, which would make it easier for larger institutions to invest in cryptocurrencies. Heavyweight firms like BlackRock, Fidelity, Ark Invest, and Invesco are competing for SEC approval. Progress is being made in the ETF approval process, but competition remains fierce.
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