Bitcoin Nears $30,000 Amid Anticipation of US Spot ETF Approval

Bitcoin value surges after a false report of a spot bitcoin ETF being approved, indicating market sensitivity to the potential approval of such an ETF, which major financial firms predict could happen as early as January 2024.

Bitcoin exceeded $30,000 for the first time since August, gaining over 10% in a week, following a false report on the approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
Major firms such as BlackRock and Galaxy Investment Partners have recently filed spot Bitcoin ETF applications with the US Securities and Exchange Commission (SEC), heightening optimism for its approval.
An approval of a spot Bitcoin ETF could significantly impact the crypto market, attracting a new wave of investors, enhancing regulatory acceptance, and potentially adding as much as $1 trillion to the total crypto market value.
Mike Novogratz, CEO of Galaxy Investment Partners, predicts a spot Bitcoin ETF could be approved as early as the end of 2023, while analysts at JPMorgan and Bloomberg estimate a 90% chance of approval by January 2024.
Besides Bitcoin, other major cryptocurrencies like Ethereum and XRP were also affected by speculation surrounding the potential ETF approval, both experiencing price fluctuations.