Hello friends, After several months in which we have been pending the approval of the first Bitcoin spot ETF, rumors are returning that we could be very close and it has had a significant impact on the market starting with Bitcoin.
For a few moments, Bitcoin's price rose rapidly above $36,000 to set a new high in 2023, getting very close to $38,000 and reaching more than an 8% rise in a few hours and shortly after correcting again and settling for several days. around $37,000 while some of the most important altcoins like solana continue completely unleashed and have not only overcome several quite important resistances but in the last few hours the price has shot up to $61 and is the highest price since May of the 2022 and already accumulating an increase of more than 170% in this last month, certainly a real outrage.
But this is not all, there are a large number of altcoins that have skyrocketed, such as FTT, the FTX utility token after Gary Gensler's announcement to see a possible relaunch of the platform or also Avalanche, Chainlink and Polygon even up to cardano with more than 55% growth already in the last month which has led to the total capitalization of the cryptocurrency market above 1.38 billion, already pointing towards 1.5 billion as the next objective.
I think there are several pieces of news that could have affected this new rise. The first and perhaps the most important has been the possible approval by the SEC of not one or two but 12 bitcoin spot etfs at once within a maximum period of up to Next November 17, well, this is according to the opinion of two well-known analysts belonging to Bloomberry Intelligence, saying that if this is not met, there is still a 90% chance that they will be approved before January 10, 2024.
As you can imagine, this has reawakened the fomo, further boosting the price of bitcoin, which is already on its way to $40,000. However, the big news this week has also been the recent institutional interest in altcoins. ETFs also reach Ethereum. Well, we already know that Black Rock wants to control the crypto market as much as possible and after bitcoin they now have ethereum in their sights.
On November 9, BlackRock registered a fund for Ethereum called iShares Ethereum Trust, which at first only advanced the possibility that BlackRock would take the final step and enter Ethereum with a new i10 spot, which was soon confirmed. definitively after the Nasdaq registration of a form 19 b4 filed with the SEC, which now makes BlackRock's intentions official not only for bitcoin but also for ethereum.
This has caused the market fomo to also extend to Ethereum, which in fact as a result of this news, the price of Ethereum has risen almost 12%, finally surpassing the $2000 barrier and remaining very close to its maximum in 2023 of $2100. But the possible entry of BlackRock has not only given hope for the approval of an Ethereum spot ETF but could also be a warning that its possible approval is closer than we think.
| Source of the information: |
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https://cointelegraph.com/news/bitcoin-etf-approval-window-sec-bloomberg-analysts
https://cointelegraph.com/news/blackrock-enters-race-spot-ethereum-etf-nasdaq-filing
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