Bitcoin (BTC) is up 11 percent on the day, trading above $34,000 for the first time since May 2022. This rally is due to the widely expected approval of Bitcoin ETFs in the US soon.
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Bitcoin (BTC) price marches
At just over $34,000, the world’s most important cryptocurrency was trading at its highest level since May 2022 on Tuesday morning, with the price curve up about 11 percent over the past 24 hours. Bitcoin has already started to rally in recent days and is now impressively confirming this upward trend. When the markets opened with a time delay in Asia a few hours ago, Bitcoin was even able to temporarily crack the psychologically important mark of 35,000 US dollars. The optimistic mood has its reason in Bitcoin ETFs, whose first-time approval in the US seems within reach.
The US Securities and Exchange Commission (SEC), which is responsible for this, apparently finds itself in the situation of having to give up its opposition to Bitcoin ETFs. SEC chief Gary Gensler is currently experiencing protests against his anti-crypto position from within his own ranks. Bureau member Hester Peirce, also known as “crypto mom,” said in an interview with CNBC television, “I think we should have allowed one (Bitcoin ETF) back in the last five years.” Why that didn’t happen, she said, is beyond her logic. The SEC is under pressure to act after losing a court case on Bitcoin ETFs.
Experts believe that significant capital inflow toward BTC will happen with Bitcoin ETFs in the United States. Institutional investors such as pension funds would have the opportunity to add BTC to their portfolios in a regulated environment through Bitcoin ETFs. So observers are also looking at small details to predict a green light date from the SEC. For example, Bloomberg Financial News Agency’s respected ETF specialist Eric Balchunas noticed that the Bitcoin ETF applied for by asset manager BlackRock already appears on the New York NASDAQ Stock Exchange clearing list under the acronym IBTC.
Conclusion: Bitcoin price curve in steep flight – ETFs on the way?
Ups and downs in the price curve even with ten percent and more per day are nothing out of the ordinary for Bitcoin, but the current BTC momentum cannot be overlooked. Now we have to see whether the forecasts for the approval of one or more Bitcoin ETFs come true in a timely manner. Because then the way should be clear for further price jumps; Bitcoin’s all-time high of $68,000 from November 2021 indicates the potential.
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