The Bitcoin price had already surpassed the $31,300 resistance level at the time of writing. The daily closing is extremely important. News circulating a few hours before the daily closing has excited cryptocurrency investors. BTC is running towards its expected target. While altcoins are making double-digit gains, the reason for the rise is clear.
Why Are Cryptocurrencies Rising?
The Bitcoin price is rising amidst optimism about the approval of the Spot Bitcoin ETF. Moreover, these are not just rumors. There are signs that the listing process is approaching with the BlackRock application. If an official announcement is made, it could mean the end of the bear market for cryptocurrencies.
Scott Johnsson made a post a few hours ago implying that the ETF approval is imminent and said the following;
“Two things caught my attention in the recent iShares (Blackrock) S-1 amendment: – They obtained a CUSIP for launch preparations – They might be considering funding within this month (earlier than I thought, but it could be nothing)”
Eric Balchunas wrote the following;
“iShares Bitcoin Trust is listed on DTCC. And the stock symbol will be $IBTC. All part of the ETF launch process.”
Approval for Spot Bitcoin ETF is Coming
ETF experts had said that there was a 75% chance of approval this year. The GBTC decision has also been finalized today, so the price is rising due to the developments regarding the BlackRock ETF. Good news doesn’t always push up the BTC price, but a rising price has always brought good news. After significant drops, we have also seen major FUDs, so not much has changed.
Cryptocurrency investors will likely see the approval of the spot Bitcoin ETF in the coming days or weeks. Developments supporting this are helping the price rise, despite wars, the Fed, and many other negatives.
Most investors had lost their faith psychologically for nearly two years, and if BTC has now started a long-term bull run, it has chosen the right time for it. At the time of writing, the price jumped to $31,600, and the targets of $33,000 to $36,000 no longer seem like a dream.
