On October 24, bitcoin crossed the $35,000 mark, a price that hasn’t been seen since May 2022. During the day, the growth amounted to only 4%, but in retrospect, we can see that this milestone was reached against the backdrop of a very bullish week for the market’s largest cryptocurrency.
At the same time, other cryptocurrencies also pulled up, with Ethereum, XRP, Solana, Cardano, and Dogecoin all posting significant double-digit growth over the same period. Solana showed the most growth of the top ten cryptocurrencies by market capitalization, rising 41% since last Wednesday.
Renewed hopes for the imminent approval of bitcoin ETFs are likely the reason for the recent growth. Instead of large organizations having to understand the technical intricacies of cryptocurrencies, ETFs will allow them to invest in this asset class like buying stocks.
[An exchange-traded fund, ETF is a type of pooled investment securities that works similar to a mutual fund. Bitcoin-ETFs are pools of bitcoin-related assets that brokerage firms offer on traditional exchanges for trading as ETFs. The goal of such ETFs is to give retail and other investors exposure to cryptocurrencies without having to own them].
For now, however, the race for ETFs is tight, with big names like BlackRock, Fidelity, Ark Invest and Invesco vying for SEC approval.
If the SEC refuses to approve applications for spot exchange-traded funds based on bitcoin, it may provoke a lot of lawsuits, – JPMorgan experts believe. Earlier, analysts of the banking group JPMorgan said that, according to their forecast, the Securities Commission could hold a large-scale approval of applications for spot bitcoin-ETFs by the end of 2023.
