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Bitcoin nears $30K amid increased BTC ETF optimism

By:
on Oct 20, 2023
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  • Bitcoin jumped 4% over the past day to $29,330.
  • The upside comes amid surged ETF approval hopes.
  • Analysts believe approving exchange-traded funds will send cryptocurrencies to historic highs.

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Bitcoin (BTC) gained around 4% within the last 24 hours to approach the significant $30K mark. The leading crypto by market capitalization changed hands at $29,330 during this publication. Also, it gained nearly 10% over the past seven days.

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BTC 7-day Chart on Coinmarketcap

BTC has remained elevated within the past week amid optimistic sentiment around potential spot Bitcoin ETF approval. Many analysts, including renowned Michael van de Poppe, trust an exchange-traded fund authorization is only a matter of when.

Bitcoin’s upside has catalyzed bullishness in the overall crypto market. BTC-forked assets BSV and BCH gained up to 26% to lead the alt market rally.

Renewed ETF interest

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Meanwhile, exchange-traded funds providers have amended their applications lately as proponents urge the United States Securities & Exchange Commission to approve a Bitcoin ETF. Also, applicants continue to review their filing to meet SEC’s guidelines.

Financial giants BlackRock, Ark Invest, and Fidelity updated their ETF prospectus after talks with the regulator. Furthermore, Chair Gary Gensler confirmed that the SEC is working on Bitcoin exchange-traded funds proposals.

Bloomberg analyst stated that there’s 90% probability the SEC will authorize a spot BTC ETF early in 2024 due to positive talks with the securities regulator. Moreover, crypto experts believe such a move would see Bitcoin climbing to new all-time highs, translating to explosive upsides for the entire cryptocurrency industry.

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