By: Eliza Bennet
The price of Bitcoin has surpassed the significant milestone of $40,000, recording a trading volume of $23 billion in just 24 hours. Bolstered by a buoyant market sentiment and $15 million short liquidations, Bitcoin's rise has sparked optimism across the crypto sphere. Major catalysts contributing to this optimism include potential advancements in spot Bitcoin Exchange-Traded Funds (ETFs) and the upcoming Bitcoin halving event.
The U.S. Securities and Exchange Commission (SEC), in pivotal discussions with applicants for Bitcoin ETFs, including Grayscale and seven others, has been focusing on potential shifts in the regulatory framework for cryptocurrency ETFs. The talks ranged from technical details like redemption models to broader regulatory impacts. Major players such as BlackRock, Hashdex, Bitwise, VanEck, Fidelity, and Invesco too are engaged in conversations with the SEC, indicating a comprehensive review of the crypto ETF landscape.
Amid these developments, MicroStrategy, under CEO Michael Saylor's leadership, has reiterated its pro-Bitcoin stance, acquiring an additional 16,130 BTC, taking its total Bitcoin holdings over 174,530 BTC. The impending Bitcoin halving event, due in roughly 141 days, also serves a significant attribute, speculated to trigger significant price rallies based on historical precedents.
These factors, coupled with fervent trading activity and the impending halving, suggest a crypto market on the brink of a transformative era. As Bitcoin crosses the $40,000 mark, finance experts worldwide foresee this as the start of a new chapter in the crypto narrative.
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