Why is Bitcoin Booming Once More?

Since May 2022, Bitcoin hasn’t topped $35,000, but it’s now skyrocketing to that level. Over the last five days, it has increased 20%.

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Due to investors’ excitement over the prospect of being able to purchase bitcoin funds that trade on traditional stock exchanges rather than having to deal with less-regulated and occasionally dubious crypto platforms (see: FTX, Binance, et al.), the notoriously volatile cryptocurrency has more than doubled in value this year.

According to Reuters, the most recent burst of excitement occurred when the Depository Trust and Clearing Corp., a clearing house run by Nasdaq for stocks and ETFs, listed the BlackRock exchange-traded fund for bitcoin.

A Bitcoin spot ETF from BlackRock was requested in June; the application is still being reviewed. With trillions of dollars in assets under management, the company is the largest global provider of ETFs. A Bitcoin ETF from BlackRock would reestablish the cryptocurrency’s legitimacy.

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Grayscale Investments and other businesses have also submitted applications seeking authorization to introduce comparable Bitcoin ETFs.

Although the US Securities and Exchange Commission had rejected Grayscale’s ETF, the regulator’s decision was overturned in August by a three-judge panel for the DC Court of Appeals. The panel found that the regulator had not adequately provided justification for its decision to deny the firm’s application.

Fear, however, may also be contributing to the rise in bitcoin prices. Ironically, some investors turn to Bitcoin as a sort of digital safe haven as they seek to diversify their portfolios in uncertain times. Bitcoin, sometimes referred to as “digital gold,” has emerged as a way for investors to venture beyond conventional stocks and bonds.

According to Samer Hasn, market analyst at online brokerage XS.com, “This listing in the DTCC does not imply that the fund has actually been launched or that this will unavoidably happen.” “However, it might be part of BlackRock’s upcoming plans to introduce the ETF.

By 2023, can Bitcoin reach $100,000?

Bitcoin

We are all aware that since the beginning of the year, Bitcoin has increased by at least 80%. With enormous and unexpected gains, it has undoubtedly surpassed a number of other important assets and set enormous returns for those who bought Bitcoin at low prices.

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The cryptocurrency sector is thrilled to see BTC reach a new peak and is looking forward to more. According to Marshall Beard, chief strategy officer at the cryptocurrency exchange Gemini, Bitcoin will surpass its record highs this year. Even more so, he added, “$100,000 price figure is an “interesting number if bitcoin gets to its previous record high of close to $69,000.

If Bitcoin actually reaches this enchanted level, it will need to show a 270% increase in price in order to reach the $1 lakh mark.

The chief technology officer of Tether, Paolo Ardoino, also has a favorable opinion of bitcoin. According to him, BTC could “retest” its historic high of about $69,000.

Originally posted 2023-10-25 11:30:37.


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