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Peter Davis

An writer at FOMOdrive

  • Oct 22, 2023
  • 3 min read

Bitcoin is above $30,000 again - what's going on?

This week has been the best for Bitcoin in the last 4 months.

Charges filed by the U.S. Securities and Exchange Commission (SEC) against Ripple executives have been dropped.

Morgan Stanley has predicted that the end of the crucial winter season is near.

Interest in Bitcoin ETFs reached a record high according to Google's records.

In the United States, money laundering was alleged to be conducted by cryptomixers.

BTC had its most successful week since mid-June, increasing by approximately 10%. By the end of the week, Bitcoin had risen back above $30,000. In June, the SEC received applications from BlackRock and other companies for Bitcoin ETFs. This time, the market's resurgence was linked to these funds.

JPMorgan has expressed optimism that the SEC will soon register many spot Bitcoin ETFs, and they anticipate a positive decision to be made within the next few months. They are confident that there is a 90% chance that Bitcoin ETFs will be approved by the beginning of January.

Morgan Stanley predicts that crypto winter will soon be over, and a bull market could start as soon as next year. They attribute this to the April halving, but also caution that there are potential risks that could disrupt the usual cycles.

According to YouHodler, the crypto industry will not be able to thrive until there is an increase in liquidity in the market and the cost of money is reduced. Only then will the crypto spring begin, with a soft landing in the United States.

Bloomberg reported that Grayscale and BlackRock have both submitted revised applications to introduce a Bitcoin exchange-traded fund (ETF).

Google Trends data shows that searches for the phrase “spot Bitcoin ETF” have hit an all-time high. This surge is likely due to the recent developments in the cryptocurrency sector, which have increased the likelihood of the product being approved.

The SEC voluntarily dismissed charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, to which Ripple Labs' general counsel referred to as a capitulation.

In the United States, it has been proposed that Bitcoin mixers be considered "money laundering centers" that pose a threat to national security. This would necessitate services to provide special reports on any financial transactions they are involved in.

Peter Schiff, who is a skeptic of cryptocurrencies and a proponent of investing in gold, has expressed his disapproval of Bitcoin's usefulness in the modern economy. He even likened Bitcoin holders to a dangerous cult.

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