Bitcoin's value has exceeded $30,000 for the first time since August, marking a significant recovery from its low of below $16,000 late last year. This recent surge, which saw the cryptocurrency's value escalate past $31,000 per coin, marks an 80% year-on-year increase and an 88% rise since January. Bitcoin is currently trading above $29,950.
The rally is largely associated with anticipation around a spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). Firms such as BlackRock (NYSE:BLK) and Grayscale are leading the charge in seeking ETF approval. In fact, Grayscale recently won a legal victory against the SEC.
The potential approval of a spot Bitcoin ETF is expected to attract more institutional investors. This expectation is supported by a CoinShares report showing significant institutional investment in Bitcoin and JPMorgan's prediction of a Christmas approval for the ETF.
Despite these gains and positive moves from finance's biggest players, Bitcoin remains 55% below its November 2021 all-time high of $69,044. The cryptocurrency hit this high in November 2021 but experienced wild value swings thereafter.
Geoff Kendrick, head of foreign exchange research at Standard Chartered (OTC:SCBFF), previously forecasted that Bitcoin could touch $100,000 by 2024 due to the likely introduction of spot ETFs for digital assets in core US markets and positive regulatory changes.
Meanwhile, other cryptocurrencies like Ethereum and Dogecoin have also seen increases of 3% and 5%, respectively. The future trajectory of these digital assets will likely be influenced by similar factors affecting Bitcoin's value.
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