Bitcoin, the leading global cryptocurrency, experienced a remarkable surge of nearly 10% on Tuesday, reaching $34,872, its highest value in almost a year and a half. This upward trend is being fuelled by mounting speculation that the U.S. Securities and Exchange Commission (SEC) is on the verge of approving an exchange-traded bitcoin fund (ETF).
This surge in Bitcoin’s price follows a significant 10% increase on Monday, marking its best performance in almost a year. The bullish sentiment has not been confined to Bitcoin alone; it has radiated into the broader cryptocurrency market and related stocks.
Analysts at McFaddan Financial Group predict that the approval of a Bitcoin ETF by the SEC will generate substantial demand. The rationale behind this assertion is that a spot bitcoin ETF would provide previously hesitant investors with an opportunity to access cryptocurrencies through traditional stock markets, thereby attracting a new wave of capital into the crypto sector.
At the time of this release, Bitcoin, known for its price volatility, is trading 7.87% higher at $34,020, reaching its highest level since May 2022. Bitcoin even surpassed the $35,000 mark during Asian trading hours. The second-largest cryptocurrency, Ether, also saw gains, climbing by 4.50% to reach $1,786.30, its highest value since August.
The excitement within the crypto market has resonated throughout the industry, with crypto-linked shares such as major U.S. exchange Coinbase Global and Bitcoin owner MicroStrategy surging by more than 7% and 12%, respectively.
Barry Jameson, CEO of private wealth managers McFaddan Financial Group, commented, “To say we’re excited is an understatement. It seems as though the entire crypto market is poised and waiting on an announcement from the SEC. This can only be good news for investors wary of cryptocurrency volatility and who are more comfortable trading in traditional markets. By providing a layer of security, the SEC is instilling confidence in a market that has previously exercised caution. ”
Several major U.S. financial firms, including investment giant BlackRock, have pending applications for bitcoin ETFs. Speculation surrounding their likely approval was fueled by the listing of BlackRock’s iShares ETF on the website of clearing house DTCC. The exact reasons and timing behind the inclusion of iShares ETF on the DTCC list remain unclear, with DTCC and BlackRock refraining from immediate comments.
Furthermore, anticipation has been growing following reports stating that the SEC is not planning to appeal a court ruling that found the agency’s rejection of an ETF application from crypto firm Grayscale Investments was incorrect. On Monday, the court formalised its ruling, sending the application back to the SEC for review.
Data from the crypto derivatives analysis site Coinglass also revealed extensive short-covering activity in Bitcoin over the last 24 hours.
McFaddan CEO, Barry Jameson, concluded, “This surge in Bitcoin’s value highlights the significant developments and the heightened interest in the cryptocurrency market. With the possibility of a Bitcoin ETF approval, we are seeing considerable excitement generated among investors and market analysts.”
https://mcfaddanfinancialgroup.com
About McFaddan Financial Group
McFaddan Financial Group is a leading financial advisory firm committed to providing expert guidance and innovative solutions to clients navigating the ever-changing financial landscape. With a focus on comprehensive financial planning and investment strategies, McFaddan Financial Group empowers individuals and businesses to achieve their financial goals.
The company’s team of experienced and qualified financial advisors works closely with clients to understand their unique needs and circumstances, and then develop customised financial plans to help them meet their goals. McFaddan Financial Group offers a wide range of financial services, including:
- Financial planning: The company’s financial advisors help clients create and implement comprehensive financial plans that address all of their financial needs, including retirement planning, estate planning, and education planning.
- Investment management: McFaddan Financial Group offers a variety of investment management services to help clients grow and protect their wealth. The company’s investment advisors work with clients to develop investment portfolios that align with their individual risk tolerance and investment goals.
- Insurance services: McFaddan Financial Group offers a variety of insurance services to help clients protect themselves and their loved ones from financial hardship in the event of unexpected events. The company’s insurance advisors work with clients to assess their individual needs and recommend the appropriate insurance products and coverage levels.
McFaddan Financial Group is committed to providing its clients with the highest level of service and support. The company’s team of financial advisors is dedicated to helping clients achieve their financial goals and live their best financial lives. For expert financial advice contact us today at: info@mcfaddanfinancialgroup.com
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
