Digital Currency Craze: Bitcoin and Ether Prices Skyrocket Amid ETF Approval Buzz

"Bitcoin Soars to $38,000 Amidst ETF Approval Hopes, Experts Predict 90% Chance of Success"

Bitcoin’s price surged to $38,000 before settling at around $36,500, indicating market optimism regarding the approval of a Bitcoin exchange-traded fund (ETF). In the past month alone, Bitcoin has experienced a remarkable 33% increase in value. While there is a potential delay in the approval process until 2024, if not decided within the current window, analysts from Bloomberg estimate a 90% chance of approval before January 10, 2024.

On Thursday, Bitcoin was trading up by 4.6% for the week, reaching $36,495, while Ether also saw a weekly gain of 7.5%, climbing to $2,058. This positive trend was reinforced by Glassnode analysts, who noted a scarcity of Bitcoin due to high levels of inactivity, indicating a bullish sentiment among investors. Reflexivity Research highlighted that 70% of Bitcoin’s supply has remained untouched for over three months. Despite a 45% drop from its peak in November 2021, Bitcoin has still rallied over 120% this year without triggering a significant sell-off.

In addition to Bitcoin’s performance, BlackRock has taken a step towards an Ether ETF by registering an iShares Ethereum Trust with Delaware’s Division of Corporations. Anchorage Digital commented on the potential of Ethereum’s proof-of-stake model to enhance institutional adoption and offer additional staking rewards if an ETF is approved.

Smaller cryptocurrencies have also experienced growth, leading Hashnote analysts to suggest that the market may be entering a “crypto spring.” The overall uptick in the crypto market indicates growing investor confidence and a potential shift in sentiment towards digital assets.

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Martin Reid

Martin Reid

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