“The resurgence of Bitcoin and the surging prices of Ethereum and XRP signal a turning point in the crypto market, as a Wall Street giant declares the end of ‘crypto winter’, driving excitement and optimism among investors.”
Bitcoin and other major cryptocurrencies have experienced a sudden surge in price as BlackRock and JPMorgan make moves in the market. The price of Bitcoin has risen by over $30,000 per coin, with a 10% increase in the last week. This rise has also affected the prices of other cryptocurrencies like Ethereum and XRP. This surge comes as the U.S. dollar faces potential collapse. Analysts from Morgan Stanley have suggested that the long-lasting crypto winter may finally be over and that a significant shift in the market could be on the horizon. The upcoming halving event for Bitcoin, which is expected to cause price chaos, is just around the corner. Investors can stay ahead of the market by subscribing to Forbes’ CryptoAsset & Blockchain Advisor. The latest update on October 24 reveals that crypto prices have surged even further, with Bitcoin surpassing $35,000 and Ethereum following suit with a 10% increase. This rally has been fueled by developments in bitcoin spot exchange-traded funds (ETFs), indicating that the U.S. Securities and Exchange Commission (SEC) may approve a bitcoin spot ETF for trading. BlackRock’s application for the iShares Bitcoin Trust has appeared on a list maintained by the Depository Trust and Clearing Corporation, while a federal appeals court has supported Grayscale’s bid to turn its GBTC bitcoin fund into a fully-fledged bitcoin spot ETF. The next halving event for Bitcoin is scheduled for April next year, and historically, bull runs in the market have started with the halving event and ended when the price of Bitcoin reaches its prior peak. The scarcity caused by the halving can potentially spur a bull run in Bitcoin. Other market watchers have also attributed the current rally to the momentum of Bitcoin and its upcoming halving event. The growing investor confidence in the approval of bitcoin spot ETFs and the scheduled halving event has prompted investors to favor Bitcoin over other digital assets.