With the renewed optimism that multiple asset management companies’ applications for a Bitcoin exchange-traded fund (ETF) will be approved by the U.S. Securities and Exchange Commission (SEC), many investors who have been observing the cryptocurrency market from the outside seem to be rekindling their interest in the market.
Interest in Bitcoin Page on Wikipedia is Increasing
According to data shared by The Block Pro, the crypto analysis arm of The Block, the daily page views on the Bitcoin page of the non-profit world’s largest internet encyclopedia, Wikipedia, reached 7,830 on September 8. This is considered a high figure seen since the beginning of the year, and it is believed to have increased in anticipation of the approval of a spot Bitcoin ETF.
As noted by platform analysts, the media’s interest and the increasing possibility of a spot Bitcoin ETF being approved soon are prompting people to research Bitcoin and understand what it is.
On the other hand, former SEC employee John Reed Stark, who previously served as an attorney at the federal regulatory agency, expressed the opinion that the possibility of approving a spot Bitcoin ETF is almost nonexistent, citing new evidence claiming that manipulation is widespread in the cryptocurrency market.
Current Status of Bitcoin
The largest cryptocurrency, Bitcoin, is currently trading at $26,624 with a 1.77% increase during the day at the time of writing this article. Bitcoin, which has gained 3.68% in the past 7 days, is experiencing a high rate of decline, 9.17%, in the monthly time frame. Furthermore, data shows that BTC has increased by 58.82% since the beginning of the year.
Considering everything, the approval of a spot Bitcoin ETF would be a positive development for the cryptocurrency market, which has almost become certain. In particular, the application for a spot Bitcoin ETF by BlackRock, the world’s largest asset management company, has led to speculation that this approval will come sooner or later.