The good times are back in the crypto market as Bitcoin (BTC) temporarily surged past the $8,000-mark before falling back. The top cryptocurrency is currently trading at $7,836 after a -1.96 % drop. However, with lots of positive momentum, the question now remains if BTC is set to break past the elusive $10,000 mark this week.
So far, Bitcoin (BTC) has recorded double-digit gains over the past three consecutive weeks a feat that it previously achieved during the peak of the bull market in 2017. Add the fact that the currency has more than doubled since the beginning of the year as more Wallstreet companies embrace cryptocurrencies and the blockchain technology.
Bitcoin (BTC) Could Cross $10,000 If An ETF Is Approved This Week
Earlier today the coin jumped as much as 17% briefly surging past $8,000 level. In a note, Mati Greenspan, the senior market analyst at eToro said that “A strong breakout would no doubt garner a very large amount of excitement, and opens up the way for a much larger move upward.”
One main reason why crypto believers see Bitcoin (BTC) and other altcoins recording more gains is the looming possibility of an exchange-traded fund getting approved within the week. An ETF that tracks BTC is seen as the next step that could push digital currencies towards worldwide acceptance, and its rumored one could get the nod as soon as Tuesday.
The internet is rife with rumors based on the recent speech given by the Hester Peirce of the SEC. Many believe that the statement isn’t just a mere coincidence but an indication that the agency may have given the green light on the first fund.
Lou Kerner, a partner at CryptoOracle, said: “A Bitcoin ETF would certainly be positive both short-term and long-term. The amount of flows into ETFs can be very significant since a lot of investors prefer ETFs, and it obviously connotes additional market approval, government approval of Bitcoin (BTC). It really would be a bullish thing.”
“But there are lots of reasons to take news of a pending ETF with a grain of salt. There are still a lot of unanswered questions about how it would be handled.”
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