The Bitcoin Price Surges to $30,000 for the First Time Since July
In the past 24 hours, the price of Bitcoin has experienced a significant surge, reaching $30,000. This marks the first time it has reached this level since late July 2023. Last Friday, the coin was trading at $26.77k but saw a minor increase over the weekend. However, on Monday, the price skyrocketed past $29.2k due to fake news about the US SEC approving a Bitcoin ETF. Although the news was debunked, the price remained in the mid-$28k range throughout the week.
But in the last 24 hours, excitement about a potential Bitcoin ETF approval has caused another surge in price, pushing it up to $30k for the first time since late July. At present, the coin is up nearly 5% compared to 24 hours ago and over 11% compared to last Friday. The daily volume of BTC has also increased by 98% compared to yesterday.
JPMorgan Predicts SEC Approval of Bitcoin ETF in Coming Months
There is growing pressure on the SEC to approve a Bitcoin spot ETF, and many believe that delays and rejections are no longer viable options for regulators. Major players in finance have submitted their ETF proposals, Congress is pressuring the SEC to approve the product, and even Wall Street expects its green light. JPMorgan predicts that a spot Bitcoin ETF will likely be approved by January 10, 2024. This prediction comes after the SEC failed to appeal a recent ruling favoring Grayscale and Coinbase’s statement that an ETF approval is imminent after its court defeat.
“Spot Bitcoin ETF” Trending on Google
Google Trends data shows that interest in a “spot bitcoin ETF” is reaching peak levels, with a score close to 100 for the past five years. This indicates a high level of interest from the general population. Toronto-based crypto platform FRNT Financial believes that the approval of a spot BTC ETF is an important milestone for Bitcoin’s mainstream adoption.
Bitcoin Minetrix Presale Raises Nearly $2 Million
In addition to the price increase of Bitcoin, there is also growing interest in a project called Bitcoin Minetrix. The project aims to decentralize cloud mining and make it more transparent and secure. Users have shown enthusiasm for the project, which has already raised $1.8 million in its presale by selling tokens at $0.0111 each. As the Bitcoin halving is scheduled for next year, mining BTC is expected to become even more profitable, making the token’s price likely to increase further.
Hot Take: Bitcoin Price Surges to $30,000 Amidst Growing ETF Speculation
The Bitcoin price has reached $30,000 for the first time since late July, driven by speculation about the potential approval of a Bitcoin spot ETF by the SEC. JPMorgan predicts that such an approval will likely happen in the coming months. Interest in a “spot bitcoin ETF” is also peaking on Google Trends, indicating widespread curiosity about this development. Additionally, Bitcoin Minetrix, a decentralized cloud mining platform, has raised nearly $2 million in its presale as users seek alternative methods for mining BTC. Overall, these events highlight the increasing mainstream acceptance and interest in Bitcoin and its related products.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
