The market is seemingly starting to wake up, and enthusiasm is as high as it's ever been this year. The industry added another $140 billion to its capitalization throughout the last seven days on the back of considerable gains across the board. Starting off with Bitcoin's price, it's up a whopping 14.3% in the past week, currently trading at around $34,000 at the time of this writing. Last weekend was relatively slow, but it all changed on Tuesday when the price exploded above $34K, reaching close to $35K on some exchanges. Of course, there was a good reason for it – ETF hype. On Tuesday, the website of the Depository Trust and Clearing Corporation suddenly showed the listing of a spot Bitcoin ETF under the ticker iBTC – BlackRock's BTC ETF. The market obviously took that as a sure sign that the chances of approval by the United States Securities and Exchange Commission are high. The next day, the ticker was removed and, shortly after – added once again. Industry participants are baffled by the fiasco, and it's not really clear what it means. The SEC hasn't approved a spot Bitcoin ETF as of yet, and there's been no indication that it would, but the tension is building as the price is clearly factoring it in. |
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