Bitcoin Surges on Prospects of ETF Approval
Bitcoin (BTC) experienced a strong rebound on Wednesday following news of a potential spot Bitcoin exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC). The BTC price jumped more than 2% and reached around $43,000, reversing Tuesday’s losses. Other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and XRP, also saw growth. Bitcoin Cash recorded significant gains, surging nearly 14% due to renewed investor interest.
MicroStrategy Increases BTC Holdings
MicroStrategy recently purchased an additional 14,620 BTC worth $615.7 million, bringing their total BTC holdings to 189,150 BTC valued at around $5.9 billion.
Grayscale’s GBTC Conversion Speculation
Barry Silbert’s departure from Digital Currency Group sparked speculation that Grayscale Investments may convert its Grayscale Bitcoin Cash Trust (GBTC) into a spot Bitcoin ETF. Grayscale made an amended S-3 filing with the US securities regulator, further fueling these rumors.
SEC Sets Deadline for Spot Bitcoin ETF Applicants
The SEC has instructed spot Bitcoin ETF applicants to make final changes to their applications by December 29. A decision on the approval of a spot Bitcoin ETF is expected by January 10.
Increase in GBTC Trading Volume
The trading volume of Grayscale Bitcoin Cash Trust (GBTC) surged by 18% on Tuesday, indicating increased investor interest in anticipation of a potential spot Bitcoin ETF approval.
Predictions for Spot Bitcoin ETF Approval
Nic Carter, founding partner at Castle Island Management, believes it is highly likely that spot Bitcoin ETFs will receive approval from the SEC before January 10. He also hinted at the possibility of a market-moving event in the near future.
Bitcoin’s Potential to Reach $50,000
Bitcoin’s price has risen by over 154% this year and is currently trading at $42,889. Analysts predict that BTC could break its upper resistance level and potentially reach $47,000-$50,000.
Hot Take: Bitcoin Rallies on ETF Optimism
Bitcoin witnessed a significant surge in price due to growing optimism surrounding the approval of a spot Bitcoin ETF by the SEC. This news has not only impacted Bitcoin but has also influenced other major cryptocurrencies. With MicroStrategy’s increased BTC holdings and speculation about Grayscale’s potential conversion, the crypto market is buzzing with excitement. The upcoming deadline for spot Bitcoin ETF applicants adds further anticipation to the situation. As Bitcoin continues to show strength and potential for further growth, reaching $50,000 seems like an achievable milestone.
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