Why is the Bitcoin (BTC) Price up Today?

TL;DR

• BTC’s Impressive Growth: Started 2023 at $16,500, now near $34,500, with a major mid-October surge.
• Rumored SEC Approval: Speculation about the SEC approving BlackRock’s BTC ETF stirred the market; though a previous report was debunked, BTC’s listing with the Depository Trust & Clearing Corporation reignited hopes.
• Positive Investor Sentiment:  The overall bullish environment and potential ETF approval pushed the Fear and Greed Index to display “Greed.”

BTC Targeting $35K Once Again

The largest cryptocurrency by market capitalization has performed quite well since the beginning of 2023, especially over the past few weeks. BTC was trading at approximately $16,500 at the start of the year, while currently, it is worth around $34,500 (per CoinGecko’s data), representing a 110% increase.

It is worth mentioning that the asset’s rapid valuation spike occurred earlier this month. In mid-October, BTC was equaling less than $27,000, but certain developments and bullish news contributed for a significant rise in the following days.

The Possible Reasons

The leading element that might stand behind Bitcoin’s impressive performance lately could be the arising rumors that the United States Securities and Exchange Commission (SEC) is close to saying “yes” to BlackRock’s application to launch a spot BTC ETF in America. 

Recall that two weeks ago, the asset’s valuation shot by over 10% in a matter of minutes after a report indicated that the regulator had approved the product. However, the information turned out to be false, and BTC retraced to around $28,000. 

Even though the spot Bitcoin ETF has still not seen the light of day in the US, it was listed with the Depository Trust & Clearing Corporation, and some assumed that this was the last step before the regulator’s long-awaited nod.

The aforementioned factor and the bullish condition of the sector could be viewed as catalysts boosting Bitcoin’s value lately. Investors’ faith and interest in the asset have also returned. The popular Fear and Greed Index has been showing “Greed” for the past seven days, something unseen since the start of the year. 

Those willing to find out what else might stand behind BTC’s recent rally could take a look at our dedicated video below: