In the face of Bitcoin’s recent price stability, dedicated holders of the leading cryptocurrency maintain unwavering confidence in an imminent bullish rally. Their optimism is primarily driven by the potential approval of a spot BTC ETF by the U.S. Securities and Exchange Commission (SEC), with expectations ranging from late 2023 to sometime in 2024.
Over the past few months, the crypto market has witnessed Bitcoin’s price meandering sideways. Nonetheless, on-chain data from Glassnode reveals that the number of addresses holding 10 or more BTC has surged to an all-time high. This record-breaking achievement surpasses the previous peak of 157,572, noted on September 22, 2023, signaling a growing interest and confidence among cryptocurrency holders.
Crypto Community Awaits SEC Decision On Bitcoin ETF
Prior analyst predictions indicate that BTC might have strategically set a bear trap, strategically paving the way for its triumphant resurgence toward the coveted $27,000 mark, as the impending deadline for the SEC’s judgment on spot Bitcoin ETF applications, slated for October 16, 2023, approaches.
Traders Eagerly Awaiting the SEC’s Ruling on BlackRock’s Filing, Expected on October 17, 2023. Nevertheless, Considering the SEC’s History of Delaying Application Deadlines, the Prospect of Another Extension Lingers, Highlighted by the Agency’s Recent Prolongation in Early September
As of the latest update, the recent Bitcoin price is $26,093.26, accompanied by a 24-hour trading volume of $11,051,016,581. Over the past 24 hours, BTC has experienced a 1.83% decrease in value, leaving market participants keenly watching for the next move in this ever-volatile crypto landscape.
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