The Bitcoin price has surged to a 2-month high of $29,450 today, reflecting a 3.3% increase within the last 24 hours. While several factors could have contributed to this rally, four principal drivers appear to dominate discussions. #1 Expectations Of A Spot Bitcoin ETF Approval There’s palpable excitement within the community as rumors intensify about the US Securities and Exchange Commission (SEC) potentially approving the first-ever spot Bitcoin ETFs. Currently, the SEC is actively engaging with prominent applicants including Grayscale, BlackRock, Fidelity, Invesco, and Ark Invest, among others. This has never happened before in the long history of Spot Bitcoin ETF rejections. It appears that the market may be starting to cautiously price in aka “front-run” the approval of a spot ETF. Just yesterday, BlackRock filed its updated ETF application, adding more fuel to the fire. As James Seyffart, a Bloomberg ETF expert, elucidated, “BlackRock filed an updated Bitcoin ETF prospectus early this morning which is likely their response to SEC comments like we’ve seen from Ark, Fidelity, and others. Just more confirmation that issuers are in talks with ..
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