Bitcoin Price Soars, Propelled by Expectations of US Spot ETF Approval and a Resurgence of Institutional Interest

Bitcoin's value predicted to rise approximately 74% within a year of a spot Bitcoin exchange-traded fund (ETF) being introduced, potentially unlocking a $48.3 trillion U.S wealth management industry while other digital currencies' performances languish.

Bitcoin has surged nearly 15% since Monday due to speculation that the BlackRock’s proposed spot exchange-traded fund (ETF) for bitcoin could be nearing regulatory approval.
The Coins' current performance is based on the approval of a forthcoming ETF, increasing Bitcoin's investment base and lowering risks for crypto-investors.
Analyst Charles Yu from Galaxy Digital estimates that a Bitcoin spot ETF approval could propel the bitcoin’s BTC/USD value by 74% in the first year post-launch, potentially attracting over $14 billion of inflows from a total addressable market size of $48.3 trillion U.S. wealth management industry.
Bitcoin's sharpest price increase of almost $35,000 occurred this week, which is its highest since May 2022, and was largely fuelled by the anticipation of the approval of a spot Bitcoin ETF in the U.S.
The rising Bitcoin prices and potential larger investment pool are influencing other cryptocurrencies as well, despite the crypto industry being deemed risky due to its volatile nature.