Global Courant
Bitcoin’s value crossed the $66,895 threshold for the first time in history in October.
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Bitcoin rose to its highest level in more than a month on Wednesday, as traders got excited about the prospects of a spot bitcoin ETF following a slew of recent filings from companies, including Black rock.
The price of bitcoin jumped to $30,067.01, according to Coin Metrics.
Investors are becoming more optimistic about the prospects of BlackRock and other big institutional names getting involved in digital assets.
That’s despite all the bad news surrounding the crypto space lately, with the market still reeling from the scandal of FTX’s collapse and resulting regulatory fallout.
“The series of announcements of spot bitcoin ETF applications by larger institutions has certainly sparked bullishness in the crypto markets,” Vijay Ayyar, head of international markets at CoinDCX, India’s largest crypto exchange, told CNBC.
“We also got big support from $25,000 for BTC, and we saw this move driven more by pure spot purchases than a short liquidation-like move, which is pretty healthy,” said Ayyar.
“In terms of market structure on BTC, we broke a major downtrend that started in April this year and lasted for about 2 months, hence most traders would look for us to test at least $32,000. If we break that level, we will be $36,000 open and then $45,000 to 48,000.”
ETF announcements
Earlier this week, BlackRock filed for a spot bitcoin ETF, which would track bitcoin’s underlying market price. Crypto proponents say this would give investors exposure to bitcoin without having to own the underlying asset.
Coin base is listed as the bitcoin custodian for the proposed BlackRock ETF. BlackRock has an existing strategic partnership with Coinbase. The major US crypto exchange has been going through a rough patch lately, amid massive regulatory pressure from the US Securities and Exchange Commission.
Following BlackRock’s announcement, a slew of other asset managers have filed their own applications for a bitcoin ETF, including WisdomTree and Valkyrie.
Elsewhere, investors are keeping a close eye on macroeconomic indicators for a sense of movement in the crypto market.
Previously, digital coins have been linked to movements in broader financial markets, with bitcoin often tracking the price of US stock markets. So investors have looked to data on inflation and the health of the economy to get a sense of where bitcoin might trade next.
“In general, crypto is also lagging traditional equity markets, so this is kind of catching up in a sense as well,” Ayyar said.
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