The rise in Bitcoin price in the last months of 2023 raised the question among investors whether the bull market was coming. It is possible to make an evaluation by examining the underlying reasons for this rise.
Impact of Grayscale case
Grayscale's lawsuit against the SEC became one of the most important cryptocurrency news of 2023. As a result of the case, the court allowed Grayscale to convert its Bitcoin Trust (GBTC) into a spot ETF. This decision was interpreted as a sign that Bitcoin will be more adopted by institutional investors.
BlackRock ETF registration
Another important development was that global asset management giant BlackRock's iShares spot Bitcoin ETF was registered on Nasdaq and listed on DTCC, which is responsible for the execution of transactions. This development was considered as an indicator that Bitcoin will become more widespread among institutional investors.
Expiration of option contracts
The expiry of Bitcoin's option contracts on October 27, 2023 can be seen as an important factor. This may have caused some positions to be closed in the market and the price to rise.
Impact of geopolitical tensions
Finally, similar to the Russia-Ukraine war, the Israeli-Palestinian war may also have affected the rise in Bitcoin price. These wars may be increasing interest in digital assets such as Bitcoin, causing investors to seek safe havens.
Conclusion
The reasons mentioned above help explain the rise in Bitcoin price in recent days. However, it is too early to say that the bull market has truly begun. For the price to rise further and persist in the long run, more institutional investors and real etf approvals need to be seen and adopted in the cryptocurrency market.