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The Coin Monitor
For the first time since May 2022, the price of Bitcoin (BTC) has risen back to $35,000 because of growing optimism about potential approval of a spot BTC ETF in the US.
The value of the global cryptocurrency market was $1.25 trillion as investors increased their holdings of Bitcoin in the hopes that its surge would last until the end of 2023 and beyond, analysts said.
IC15 index of crypto currencies was seen trading at 42,024.62 down 1.96%.
BTC, the biggest crypto in my market cap, was trading at $ 34,223.00 adding over 1.73% in the last 7 trading sessions and 110 percent since the beginning of the year.
According to data from CoinMarketCap, BTC trading volume has soared 197% in the past 24 hours, hitting a whopping $47.9 billion.
Market participants believe that If BlackRock’s proposal is accepted, it might pave the way for a number of other spot cryptocurrency ETF applications that are presently being examined by the SEC, including those from well-known companies such as Fidelity and ARK Investment.
This would greatly increase mainstream investors’ access to Bitcoin, which could increase demand and raise the price of the coin.
Naturally, this would be a landmark event for the crypto market since the SEC has yet to approve a spot Bitcoin or Ethereum fund for listing on a US exchange, according to a report by beincrypto.
Ethereum the second largest crypto was at $1786.41 gaining 12% in the last 7 trading sessions. Adding 50% year to date rise this year so far.
Bitcoin price down 1.32% to $34,267.18.
Ether lost 2.53% to trade at $1,785.96.
BNB token was quoting 2.65% down at $224.94.
Polkadot slumped 1.76% to $4.22.
Tether edged 0.02% lower to $1.00.
Cardano ADA lost 1.45% to trade at $0.2807.
Solana’s SOL jumped 0.65% to $32.02.
XRP token added 0.23% to trade at $0.5528.
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