Bitcoin rose to $34,800 amid rumours of ETF approval coming. Excitement is growing amongst the cryptocurrency community as ETF’s are set to be approved very soon. Blackrock’s iShares Bitcoin trust was listed on the Depository Trust & Clearing Corporation. This caused a major spike in price with BTC up 10% this week, with no sign of it stopping.
Almost $310 million worth of Bitcoin shorts have been liquidated in the past 24 hours, crushing major traders and allowing the bulls to grow in confidence. Although its likely to correct over the next few days, Bitcoin can continue to grow as the SEC has been asjed to review its decision against Greyscales Bitcoin ETF, further adding fuel to the fire.
The SEC have been strict opponents of any cryptocurrency exchange traded fund. Over the past 18 months they have rejected all applications for a spot ETF, as some futures ETF have been approved previously.
Time will tell what will happen with Bitcoins price over the next few days, however the past 24 hours have been the most exciting news for crypto for well over the year as 2022 was full of fear and 2023 starting out extremely poorly, now is it finally time that the bull has come to town. Only time will show us.
