If you haven’t heard the news, Bitcoin is rocking its highest price since May 2022. In a time where major moves weren’t expected, it has suddenly gone well back up. When we say up, we don’t mean the regular price jumps that put it close to $30,000. This time, the world’s top cryptocurrency is testing the $35,000 line, and may soon go over it.
In the past few days, Bitcoin has jumped up over 20%. That’s a major price move compared to the relatively uneventful past month. Bitcoin has doubled its price this year, giving investors hope to pour their money in. At the same time, said investors may soon have a way to have Bitcoin without having to buy it from an exchange.
Bitcoin Spot ETF Arriving Soon?
The major reason for the huge price jump in the past couple of days is the news about a possible recent approval of a Bitcoin spot ETF. This time, it wasn’t fake news like before. Grayscale has been locked into a battle with the SEC over it. It was one of the first applicants for a Bitcoin ETF, trying to convert its GBTC fund to an ETF one. While the SEC has tried to reject this application, it may soon approve it as the US Court of Appeals has decided there’s no legal ground for it.
It’s not the first time the SEC has tried to drag Bitcoin’s name through the mud. It’s not excited about the decentralized crypto market and things aren’t going to change soon. However, it’s likely that it might need to abandon all hope, as courts are proving that the SEC has no legal grounds to delay the existence of these funds. The US Court of Appeals just handed the SEC a big blow, after ruling that Grayscale’s proposed ETF can exist within the confines of the law.
According to experts, the inevitable will happen. Of course, that doesn’t mean that the SEC has approved the fund, but it’s a major win in an important battle. The war is yet to be won.
How it Affects Bitcoin Price
The latest news were a big triumph for the crypto market and Bitcoin more specifically. Over the past 5 days, Bitcoin is up by over 20%. There’s no sign of it stopping anytime soon, although it would be an exaggeration to think it can return to its highest price point from years ago. The good news is that it’s over the $30,000 hump and near the $35,000 line. If Bitcoin can keep up with it, we’re poised for a great new winter run.
Bitcoin has become a sort of digital gold which investors love. In the state the world is in these days, everyone’s looking for a secure investment. While cryptocurrencies and Bitcoin are far from it, they represent a much better value compared to actual gold or other commodities. If you stayed put during the last few dips, you have now made over 20% in profit in the past week. That’s why Bitcoin is so great and why the crypto market perseveres.