Investing.com | Editor Rachael Rajan
Published Oct 20, 2023 17:20
Bitcoin saw a significant surge to $29,300 on Friday, marking a 9% weekly increase, as traders eagerly anticipate the approval of a U.S. spot bitcoin ETF. The bullish sentiment was also reflected in the performance of forked cryptocurrencies BCH and BSV, which rose by up to 26%.
This surge in demand has led to major firms such as BlackRock (NYSE:BLK), Fidelity, and WisdomTree applying for a spot bitcoin ETF. It is believed that an approval for Grayscale could spur further bullish sentiment and potentially kickstart a wider market rally.
The House Financial Services Committee has urged SEC Chair Gary Gensler to reconsider the approval of bitcoin ETFs, as providers revise their filings in response to the heightened demand. Traders are particularly excited about the potential transformation of GBTC into an ETF.
Friday also saw a leap beyond $30,000 for Bitcoin, sparking gains in key cryptocurrencies such as ether ($1,600), XRP (up by 7.2% following a Ripple-beneficial court ruling), and SOL (up by 12%). Binance’s feature of Bitcoin SV’s perpetual futures at 50x leverage led to its 32% surge.
In this context, ETF providers have revised their filings due to SEC pressure to ease its bitcoin ETF outlook.
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Written By: Investing.com
