Bitcoin crosses the psychological barrier. It hasn’t been this good for over a year

Bitcoin behaves like gold.  Cryptocurrencies don't matter anymore

On Tuesday, Bitcoin crossed the psychological barrier of 35,000. dollars. The cryptocurrency has not seen such results for 17 months. Investors are optimistic about the possibility of ETF approval.

Bitcoin reached the level of $35,000 on Tuesday, the highest level since May 2022. Although on Wednesday morning the cryptocurrency price dropped to approximately $34,200, we can still talk about a very good period – within a month, the value of Bitcoin increased by 28%, and by over 100% since the beginning of the year.

Unlocking ETFs

The rising price of Bitcoin is the result of optimism among investors who are waiting for the unlocking of cryptocurrency ETFs. A week ago, financial titans such as BlackRock, Fidelity and VanEck filed applications with the Securities and Exchange Commission to sell spot bitcoin ETFs.

The good sentiment was fueled by Grayscale Investment’s recent legal victory over the SEC’s attempt to block the SEC from converting its Bitcoin mutual fund into a spot Bitcoin ETF.

ETF is getting closer

Cryptocurrency tycoon and billionaire Mike Novogratz said last week that he expects spot ETFs to be approved this year.

On Monday, Bloomberg Intelligence ETF analyst Eric Balchunas reported on the X platform (formerly Twitter) that the website of the Depository Trust and Clearing Corporation, a securities clearing company, listed “iShares Bitcoin Trust”.

While this doesn’t mean the ETF is actually trading yet, such preparations were seen as an optimistic sign that regulatory approval could be imminent.

Some analysts have estimated that SEC approval could send the price of bitcoin skyrocketing to a staggering $180,000 ahead of the cryptocurrency’s planned April 2024 halving.

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