Crypto News- Bitcoin witnessed a significant price surge on Tuesday, continuing its impressive performance as the leading digital currency. The cryptocurrency, with the largest market capitalization, is currently trading at $33,922 after a remarkable 17% increase on the weekly chart. Just the day before, BTC was hovering around the $35,000 mark. Coinbase Global (COIN) also experienced a respectable 9% increase, while MicroStrategy (MSTR) saw a substantial boost of 12%.
Bitcoin’s Resilience: Maintains Above 33,000 Dollars Mark with Significant Weekly Gains
The recent upswing in Bitcoin’s value can be partly attributed to the growing excitement surrounding the potential approval of exchange-traded funds (ETFs) based on the actual market value of Bitcoin, rather than Bitcoin futures. Some market analysts are pointing to the recent listing of BlackRock’s iShares Bitcoin Trust by the Depository Trust and Clearing Corporation, a critical institution providing market-clearing and settlement services in the United States, as a promising indication that Bitcoin-based ETFs may soon receive regulatory approval for trading.
This resurgence in Bitcoin’s price brings it back to levels last observed in May 2022, just before the cryptocurrency market faced a turbulent period marked by a series of high-profile crises and controversies. This included the devaluation of stablecoins, the collapse of a significant cryptocurrency hedge fund, and the downfall of the FTX exchange. These incidents led to significant financial losses and a loss of confidence among investors, prompting regulatory authorities worldwide to intensify their scrutiny of the cryptocurrency industry.
Many industry insiders view the potential introduction of ETFs as a positive step toward establishing more robust regulatory frameworks for the cryptocurrency sector. Such regulations are expected to contribute to reducing market volatility, increasing liquidity, and ultimately fostering broader adoption of cryptocurrencies. Steen Jakobsen, Chief Investment Officer at Saxo Markets, has expressed his belief that these regulatory measures are essential for creating a less volatile and more liquid crypto market, paving the way for greater acceptance in the future.
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