Bitcoin

James

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126470/333936/www-coindesk-com-price-bitcoin.jpg" srcset="https://cimg.co/news/126470/333936/responsive-images/www-coindesk-com-price-bitcoin___media_library_original_1169_645.jpg 1169w, https://cimg.co/news/126470/333936/responsive-images/www-coindesk-com-price-bitcoin___media_library_original_900_497.jpg 900w, https://cimg.co/news/126470/333936/responsive-images/www-coindesk-com-price-bitcoin___media_library_original_720_397.jpg 720w, https://cimg.co/news/126470/333936/responsive-images/www-coindesk-com-price-bitcoin___media_library_original_600_331.jpg 600w, https://cimg.co/news/126470/333936/responsive-images/www-coindesk-com-price-bitcoin___media_library_original_300_166.jpg 300w" width="1169" class="content-img" alt=""></figure>BTC/USD Chart / Source: CoinDeskBitcoin prices rallied recently, breaking through the $28,000 as the cryptocurrency experienced some notable gains.&nbsp;The world's most prominent digital currency <a href="https://cryptonews.com/news/crypto-prices-pump-as-grayscale-etf-wont-appealed-by-sec-bitcoin-alternative-best-crypto-buy-now.htm">climbed to</a> an intraday high of nearly $28,600 around 6 p.m. EST yesterday, according to <a href="https://www.coindesk.com/price/bitcoin/">CoinDesk data</a>.&nbsp;Following this upward movement, bitcoin pulled back, trading below $28,300 at the time of this report, additional CoinDesk figures reveal.&nbsp;When explaining these latest price movements, several analysts emphasized the key role played by a <a href="https://www.forexlive.com/Cryptocurrency/bitcoin-surges-more-than-8-20231016/">fake news report</a>, in which Cointelegraph's Twitter account stated that the U.S. Securities and Exchange Commission (SEC) had approved an application for an exchange-traded fund (ETF) submitted by global asset manager BlackRock.&nbsp;However, the market observers also highlighted other factors, as well as their impact on bitcoin's recent price movements.&nbsp;"Bitcoin was up roughly 4% on the day before the fake news was reported by CoinTelegraph," said Scott Melker, a crypto investor and analyst who is the host of <a href="https://www.thewolfofallstreets.io/podcast/">The Wolf Of All Streets Podcast</a>.&nbsp;"It is clear that the irresponsible fake news report was responsible for the move up and subsequent retrace, but not necessarily for the prior move," he stated.&nbsp;"That was likely a result of insiders who knew that the move was coming, unfortunately. Or it was a result of a short squeeze," Melker clarified.&nbsp;Tim Enneking, managing director of <a href="https://www.digital-capital-management.com/">Digital Capital Management</a>, also weighed in on the situation.&nbsp;"While the report you refer to certainly drove the initial move, the timing coincided with the expiration of the SEC&rsquo;s deadline to appeal the Grayscale decision of earlier this year (and that timing may have been deliberate)," he stated.&nbsp;"Then the short squeeze took over and drove the classic spike &nbsp;and, in the usual way for short squeezes, almost immediately fell back."&nbsp;Armando Aguilar, an independent cryptocurrency analyst, also commented on these latest developments, emphasizing that several variables helped drive bitcoin prices higher.&nbsp;He highlighted a prediction made by James Seyffart, an ETF research analyst for Bloomberg Intelligence, who <a href="https://www.morningstar.com/news/marketwatch/20231016219/bitcoin-etfs-are-not-approved-yet-but-analysts-think-they-could-become-a-reality-in-january">wrote in a note</a> that "We believe there's a 90% chance of approval by Ark's Jan.10 deadline," referring to the deadline provided for a spot ETF application submitted by investment manager ARK Invest.&nbsp;Aguilar claimed that the high likelihood that an application for a spot bitcoin ETF will receive approval, "coupled with new institutional products and investments has made BTC slowly climb in price."&nbsp;Going forward, the cryptocurrency could benefit significantly if the SEC approves an application for a spot bitcoin ETF, according to Andrew Rossow, attorney and founder of <a href="https://armediaconsult.com/">AR Media Consulting</a>.&nbsp;"We&rsquo;ve seen over the past few years the difficulty in getting the &ldquo;greenlight&rdquo; from the SEC, so a report indicating that it has approved a new spot bitcoin application is likely to have a significant effect upon the overall crypto market and whether we are one step closer to mainstream adoption," Rossow stated.&nbsp;Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Bitcoin Breaks Through $28,000 As Traders Digest Fake ETF Approval

Cryptonews.com

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