Bitcoin Price Recovers Amidst Institutional Demand
In recent crypto news, Bitcoin has shown signs of recovery after slipping below $42,000. The price of Bitcoin has risen by 2.4% in the past 24 hours, surpassing $44,000. This surge in price can be attributed to the increasing institutional demand for Bitcoin in the United States.
The widening gap between BTC prices on Coinbase and Binance suggests that Americans are actively buying Bitcoin. This surge in demand comes as the SEC’s deadline to approve spot Bitcoin ETFs approaches on January 10.
Grayscale and VanEck File Form 8-A
Both Grayscale and VanEck have filed Form 8-A with the federal regulator. This is a mandatory step that must be completed before offering securities.
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The Australian consumer watchdog is facing criticism for failing to warn the public about the potential scam, HyperVerse crypto scheme. Several international regulators had previously flagged it as a potential scam.
Hot Take: Institutional Demand Driving Bitcoin’s Recovery
The recent recovery in Bitcoin’s price can be attributed to the growing institutional demand for the cryptocurrency. As more institutions show interest in Bitcoin, its value continues to rise. This surge in demand is evident from the widening gap between BTC prices on different exchanges, indicating that Americans are actively buying Bitcoin. With the SEC’s deadline for approving spot Bitcoin ETFs approaching, this institutional demand is expected to further drive Bitcoin’s price upwards.
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