#Bitcoin rises 160%.. What is the reason for the strong rise despite the calamities?

_In a remarkable turn of events, Bitcoin has defied the shadows of its 2022 collapse. It has seen a staggering 160% rise in value this year. It contributed more than $530 billion to its market value. At the same time, this unexpected rise has not only rejuvenated the leading cryptocurrency. It has also sparked renewed interest in the broader cryptocurrency market. Notably, the year has been bullish so far not only for Bitcoin but for the cryptocurrency market in general, as more institutional investors have shown interest in the market. So, let's take a look at the key events this year that caused the price of Bitcoin to rise, as well as the broader market. Bitcoin Shows Resilience Despite Challenges Amid ongoing uncertainties and regulatory challenges, the cryptocurrency market has witnessed an unprecedented recovery. Driven by optimism surrounding the potential approval of the #Bitcoin.Spot #ETF by US regulators. According to a recent report by Bloomberg, Michael Saylor predicts. Co-founder of #MicroStrategy Inc., said this approval would be a “major incentive.” This creates a new path for major investors. In his statement, Saylor highlighted the importance of approving spot bitcoin ETFs. Stressing that it can act as a major catalyst, leading to a noticeable increase in demand. At the same time, Saylor's optimism is rooted in the belief that current limitations on mainstream adoption stem from the lack of a robust, compatible investment channel for Bitcoin, especially one with high bandwidth capabilities. Therefore, the expectation is that approval of spot ETFs would address this gap and potentially lead to increased demand for cryptocurrency. In addition, speculation about a Bitcoin halving event in 2024 has increased investor sentiment.

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