Bitcoin (BTC) crossed the $30,000 threshold during Friday morning hours, extending its weekly gains by over 11%.
This rally in Bitcoin’s price is largely attributed to growing optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Multiple ETF providers have made amendments to their filings in the past week, putting pressure on the U.S. Securities and Exchange Commission (SEC) to reconsider its stance on Bitcoin ETF approval.
Calls for a softer approach have gained momentum, with four members of the House Financial Services Committee urging the SEC to listen to the courts and cease its efforts to obstruct Bitcoin ETFs.
The possibility of Grayscale Bitcoin Trust (GBTC) transforming into an ETF has stirred excitement among traders. As one of the largest institutional holders of Bitcoin, GBTC’s conversion could pave the way for other asset managers, including BlackRock, Fidelity, and WisdomTree, which have also applied for spot Bitcoin ETFs.
Traders believe that a favorable ruling for Grayscale could significantly boost market sentiment and set the stage for broader market growth.
Lucy Hu, a senior trader at Metalpha, highlighted the impact of ETF approval and the upcoming Bitcoin halving event in April, stating that these factors could ignite a robust bull market.
With optimism on the rise, Bitcoin’s journey beyond $30,000 has captured the attention of both investors and cryptocurrency enthusiasts, as they eagerly await the potential approval of a U.S. Bitcoin ETF.
