Bitcoin’s price has risen above $43,000, fueled by renewed interest and optimism surrounding the potential launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.
The excitement stems from the Securities and Exchange Commission’s (SEC) upcoming decision on spot ETFs, with a final decision expected in early January.
The news that asset management behemoth BlackRock has changed its policy to accept Bitcoin redemptions for its products provided a significant boost to confidence.
Another notable trend contributing to the Bitcoin market’s vitality is the increase in inscriptions and, as a result, the fees paid to miners.
Inscription fees, which include data in Bitcoin transactions, have surpassed an impressive $175 million. This not only emphasizes the Bitcoin network’s robustness and adaptability, but it also serves to strengthen the blockchain’s security by providing miners with increased income.
The recent $28 million reduction in holdings in Grayscale Bitcoin Trust (GBTC) shares by ARK Investment, led by Cathie Wood, fits with the ongoing pattern of disposals.
The sale of 809,441 GBTC shares by the ARK Next Generation Internet ETF (ARKW) reportedly raised nearly $28 million.
According to the most recent CoinMarketCap data, Bitcoin is currently trading at $43,000, representing a 5.01% increase in the last 24 hours.
The 10.18% increase in trading volume indicates increased market activity. Notably, the price recently found support near $40,800, and bullish momentum has pushed prices higher.
Investors and enthusiasts are keeping a close eye on these developments, hoping that the positive momentum and growing institutional interest will continue to shape Bitcoin’s trajectory in the coming weeks.
