The BTC price once rose to $35,000. The following are the reasons behind this rise:
BlackRock's iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC) with the ticker IBTC. Please note that this is a trust rather than an ETF, but it has triggered market expectations for cryptocurrency ETFs.
According to a screenshot of a U.S. SEC regulatory document, the SEC has accepted Grayscale's filing of changes to the listing and trading rules for the ETH Trust, which means that ETHE has the potential to be transformed into an ETF.
Grayscale spokesperson Jennifer Rosenthal said in a statement that the Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC into an ETF. They are ready for operation and plan to take action on behalf of investors as soon as possible.
Summary in one sentence: The expectation of BTCETF has driven up the price of BTC.
From a rate perspective, the bull market seems to have returned as positive rates and positive price-earnings ratios still prevail. However, from a chart perspective, as long as BTC$ fails to break $31,000, there is still a possibility of forming a right shoulder, especially in a B-wave rally.
Regarding the good news about ETFs, although the possibility of approval is gradually increasing, the actual speed of approval may not be so fast because some basic conditions need to be met. The only exception is that unless a major negative event like FTX occurs, it provides the U.S. Securities and Exchange Commission (SEC) with new reasons for rejection.
If the ETF is approved, Coinbase may be the biggest beneficiary, as large asset management companies often choose Coinbase as an agent for custody. However, Coinbase's stock price has not yet shown a significant increase, which may indicate that the ETF has not yet become a reality.
Objectively speaking, although the recent rally continues, the volume is still below the average level of July and August. This round of rally may have cleared a lot of short positions, but the lack of a decent pullback is not healthy. If $ pulls back to around $28,500 and does not fall below $28,200, it will be a good pullback, and a new rally may follow, but we still need to be vigilant about potential scams.
On the whole, as an investor holding digital assets and related stocks, I hope that the market can continue to rise or consolidate, because this will not only attract more short-selling participation, but also provide time for off-market funds to enter the market.
In addition, it is recommended to consider investing in the altcoin $POWR. If the price retreats to 0.155-0.157$, you can gradually build a position. $POWR may become a potential asset for medium-term investment.
In addition, for the token $FXS, it is recommended to start earning when the price reaches 5.4$. #BTC #ETF
