“As Bitcoin’s value surges above $30,000 at the beginning of the week, optimism intensifies in the market with growing expectations of an ETF approval.”
The price of bitcoin rose to start the week, continuing its gains from the previous week. This increase was fueled by optimism about a bitcoin ETF and a flight to safety. Bitcoin was trading around 2.7% higher at $30,716.24. This is coming off its best week since June, but it has struggled to make a sustained move higher due to the U.S. regulatory crackdown on crypto.
Investors are hopeful that the approval of a bitcoin ETF will change the current situation. Several firms have amended their filings in the past couple of weeks to address concerns by the SEC, which is seen as a positive sign that the agency is engaging positively with the firms.
Last week, high volatility in the market led to a surge in trading activity. Matteo Greco, a research analyst at Fineqia, noted that the cumulative daily volume on centralized exchanges between October 16 and October 22 was the third-highest in the last 60 days.
Bitcoin’s year-to-date return has now reached 84%. In other cryptocurrency news, ether, another popular asset, was up 2.5% at $1,677.44. The Solana token, which was one of the biggest winners last week, also saw a 2.5% increase on Monday.
Stocks related to the crypto industry also saw positive movement. Shares of Coinbase, a crypto services stock, were higher by 2% premarket, along with Microstrategy, which is viewed as a bitcoin proxy. Bitcoin miners, such as Marathon Digital and Riot Platforms, also experienced gains.
Overall, the market remains optimistic about the future of bitcoin and cryptocurrency, with hopes pinned on the approval of a bitcoin ETF and ongoing developments in the industry.