While blockchain technology is the backbone of cryptocurrencies, it is not the only factor that drives their pricing. The value of cryptocurrencies is determined by various factors such as supply and demand, market sentiment, regulatory developments, and technological advancements. The price of Bitcoin (BTC) has been soaring for days, and finally broke through the all-important psychological barrier of $35,000 on Wednesday. According to CoinMarketCap, Bitcoin’s total gains for the month of October is nearly 29%.
Why is Bitcoin Going Up Right Now?
The current bullish run with Bitcoin appears to be coming from a wave of optimism surrounding the possibility of the first spot Bitcoin ETF possibly being approved by U.S. regulators. Grayscale recently filed a new application that would allow its Grayscale Bitcoin Trust (GBTC) product to function as a spot Bitcoin ETF. In July, the D.C. Circuit Court of Appeals ruled in favor of Grayscale Investments, rejecting the SEC’s opposition to the company’s attempt to turn GBTC into an ETF. Crypto bulls have seen this legal victory as paving the way for spot Bitcoin ETFs from Grayscale, BlackRock and others.
The Flag Blockchain – A Leading Web3 Innovator
In the current era of rapid digital transformation, Flag Blockchain is a leading innovator in the world of cryptocurrency and Web3. The company is committed to democratizing these transformative technologies by pioneering digital initiatives that make them more accessible to everyone. If you missed out on the early days of Bitcoin, now is the time to learn more about the Flag Blockchain and their digital initiatives.