Bitcoin Eyes Breaking Above $44K Mark as Bulls in Control. Due to the impending halving of the cryptocurrency market and the anticipation of a spot Bitcoin exchange-traded fund, the cryptocurrency market is now witnessing an upsurge. Surprisingly, Bitcoin has emerged uninjured from its drop in 2022, adding approximately $530 billion to its market capitalization with a 160% growth in value this year. This indicates that Bitcoin has done well this year.
This unexpected bounce has resulted in a rebirth of interest in the cryptocurrency market, particularly Bitcoin. This growth has been particularly noticeable. Regarding the Bitcoin spot exchange-traded fund (ETF), BlackRock, the world’s largest asset manager, has made several substantial modifications to the S-1 file submitted to the SEC.
The most recent version of the S-1 filing reveals that BlackRock has set aside ten million dollars as seed money for the spot Bitcoin exchange-traded fund. Bitcoin Eyes Breaking It is important to note that this does not necessarily imply that the launch will occur quickly.
Arthur Hayes strongly warned the cryptocurrency community that Bitcoin could be in danger if the United States Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF). Hayes points out that Bitcoin is a moving money asset, which sets it apart from other cryptocurrencies.
According to data provided by CoinMarketCap, the current price of Bitcoin is $43,652, representing a 0.10% increase over the previous twenty-four hours. Moreover, the amount of trading has decreased by 33.27 percent. Recently, the price has been exhibiting a consolidation pattern, waiting for a breakout in either direction.
If the price can surpass $44,211, it is likely to continue to soar to test the resistance level of $45,900. If, on the other hand, the price falls below the $43,380 level, then it will most likely try the $42,750 support level.