Bitcoin surges by 10 percent – skyrocketing past $30,000 in enormous boost

Bitcoin and other cryptocurrencies surged today (October 16) following reports that the US Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded fund.

Specifically, Bitcoin jumped by over 10 percent amid speculation that the regulator had agreed to an exchange-traded fund (ETF) that invests directly in the cryptocurrency.

However, despite earlier reports, the SEC has yet to officially approve the iShares Bitcoin ETF.

Speaking to Fox Business, investment management firm Blackrock confirmed that the application was still under review.

At one point, Bitcoin skyrocketed past $30,000 but these gains were reversed following confirmation the SEC was still considering approving the fund.

Over the past week, Bitcoin closed at approximately $27,150, representing a 2.7 percent drop from its previous week’s closing value of $27,900.

This week began with Bitcoin opening at $27,9000 on October 9, followed by a four-day dip which saw the currency hit $26,500.

After this, the cryptocurrency’s price fluctuated between $26,500 and $27,150 between October 12 and 15.

The cryptocurrency saw gains on Friday (October 13) after the news that the SEC would not appeal a ruling in Grayscale’s lawsuit against regulators.

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In June 2023, Grayscale sued the SEC over its denial of the company’s application to convert the popular Grayscale Bitcoin Trust (GBTC) to an ETF.

Matteo Greco, research analyst at Fineqia International, outlined why this was perceived positively by investors.

He explained: “This news was well-received by investors, notably reflected in the narrowing discount of the Grayscale Bitcoin Trust (GBTC), which currently sits at 15.9 percent.

“This is the lowest level recorded since December 2021. The discount narrowing trend commenced in mid-June 2023 when BlackRock filed for its Bitcoin Spot ETF.

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“Back then, the GBTC discount was approximately 43 percent.”

Last night, Bitcoin saw a resurgence in light of the speculation regarding the SEC’s potential approval of the exchange-trade fund.

Today’s optimism among investors also lifted other cryptocurrency assets outside of Bitcoin.

Ripple’s XRP and Binance Coin, the top coins by market cap behind Bitcoin and ether excluding stablecoins, were each higher by more than one percent.

Furthermore, Smart contracts platform Solana’s sol token rose by six percent and Cardano’s ada token saw a two percent gain.

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