Bitcoin’s Strongest Weekly Performance in Months
The price of Bitcoin has experienced a significant increase of approximately 10% over the past week, marking its strongest weekly performance since June. This positive price movement is largely attributed to the speculation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF).
Throughout the week, the price of the leading cryptocurrency reached the $30,000 mark multiple times as the market reacted positively to rumors of an ETF approval. At the time of writing, BTC was trading at $29,688 according to BeInCrypto data.
BTC’s Strongest Week in 17 Weeks
Data from Coinglass reveals that this recent upturn in Bitcoin’s performance is its most significant gain since June, specifically during the 25th week of the year. During that period, BTC’s value surged by over 15%, followed by 16 weeks of relatively muted performance.
Interestingly, this particular week coincides with asset management firms such as BlackRock applying for spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC).
Furthermore, Bitcoin’s monthly return for October is approaching a level comparable to that of June. According to Coinglass data, Bitcoin experienced a modest gain of 3.91% in September, which was a significant improvement from August’s downturn of -11.29%. As of now, October’s returns have already reached an impressive 10.03%, closely trailing June’s 11.98%.
Speculation Surrounding ETF Approval
The recent positive price performance of Bitcoin is strongly linked to the growing speculation surrounding the SEC’s decision on a spot Bitcoin ETF. Earlier in the week, false reports of the SEC approving BlackRock’s iShares spot Bitcoin ETF caused Bitcoin’s price to surge above $30,000.
Although the news was debunked, market observers believe that this reaction indicates the demand for a spot BTC ETF. This aligns with a report from K33 Research, which suggests that if a spot BTC ETF is approved, Bitcoin’s value could surge to over $42,000 within the first 100 days. Other analytics firms like CryptoQuant have an even more bullish prediction of surpassing $50,000.
Hot Take: Positive Price Momentum Driven by ETF Speculation
The recent surge in Bitcoin’s price, resulting in its strongest weekly performance since June, can be attributed to the speculation surrounding a potential spot Bitcoin exchange-traded fund (ETF) approval. The market positively reacted to rumors and false reports of ETF approvals by regulatory bodies such as the U.S. Securities and Exchange Commission (SEC). This indicates the high demand for a spot BTC ETF among investors and traders. If an ETF is indeed approved, experts predict that Bitcoin’s value could experience a significant surge within the first few months. This demonstrates the impact of regulatory decisions on cryptocurrency markets and investor sentiment.
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