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The Bitcoin price saw another massive increase in the last 24 hours, hitting $30,000 for the first time since late July 2023.
The coin has made significant progress this week after sitting at $26.77k last Friday. Over the previous weekend, BTC price saw a minor increase, making it trade under the resistance at $27,000.
Come Monday, however, the price skyrocketed past $29.2k, although this surge was later revealed to have been inspired by fake news of the US SEC approving a Bitcoin ETF.
As the news was debunked, the price corrected again, although not to previous levels. Instead, it stopped the drop in the mid-$28k range, where it remained throughout the week.
However, the situation changed in the last 24 hours as the excitement about the potential Bitcoin ETF approval launched Bitcoin again, allowing it to climb up to a resistance at $30k for the first time since late July.
At the time of writing, the coin is up by nearly 5% compared to 24 hours ago and by over 11% compared to last Friday. The BTC price currently sits at $29,850 after a slight rejection from the $30k resistance.
However, the coin’s daily volume is 98% higher than yesterday, currently at $21.46 billion, showing massive levels of engagement.
JPMorgan thinks SEC likely to approve Bitcoin ETF in the next few months
With all the pressure on the SEC to finally approve a Bitcoin spot ETF, many believe the regulator has run out of options and reasons for delays and rejections.
Major players in the financial industry have submitted their ETF proposals, the US Congress started pressuring the regulator to approve the product weeks ago, and even the major Wall Street players are expecting the SEC to give in and greenlight the product.
One example is JPMorgan, which said that the SEC will likely approve a spot Bitcoin ETF in the next few months — most likely before January 10, 2024.
The prediction came in JPMorgan’s research report published this Wednesday, October 18, only days after the SEC failed to appeal a recent ruling in Grayscale’s favor.
Another example is Coinbase, which said the SEC would approve the ETF soon after its court defeat.
“Spot Bitcoin ETF” phrase about to hit 100 on Google Trends
Google Search results further confirmed that ETF excitement has reached peak levels. Google Trends data shows that the words “spot bitcoin ETF” for the last five-year period is about to hit a peak value of 100 this week. This suggests that the general population is showing massive interest in the matter,
Toronto-based crypto platform FRNT Financial stated, “The approval of a spot BTC ETF has been an enduring theme in the crypto space and is often seen as a barometer of BTC’s mainstreaming.”
Bitcoin Minetrix presale blows up with nearly $2m raised
While Bitcoin has seen a significant price increase, crypto users seem to have developed an interest in a project called Bitcoin Minetrix (BTCMTX).
This decentralized cloud mining platform is holding a presale right now. The project seeks to make cloud mining decentralized, transparent, and safe to return the users’ faith in mining BTC via the cloud.
Scams and failed platforms that emerged in the past have discouraged many from using this method, which is why the project wants to make sure that users will be in control the entire time.
Many in the industry seemingly love the idea of staking BTCMTX to get credits, which can then be used for mining BTC. The project already raised $1.8 million while selling the token for $0.0111 per piece.
With Bitcoin halving scheduled for next year and a price surge expected to come after that, mining BTC is now at an all-time high. However, buyers interested in BTCMTX must hurry to get the taken cheaply, as it will see another price increase in less than three days.
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