Last Friday Bitcoin shot up to its highest level in about a year and according to trader Credible Crypto, BTC will reach new all-time highs by the end of 2023, probably in October.
"The cryptocurrency rose above $31,400 a coin on Friday - writes CNN NEWS - its highest level since 2022, before paring back its gains. Bitcoin, the world’s largest cryptocurrency by market capitalization, earlier this week traded above $30,000 for the first time since April, when the collapses of Silicon Valley Bank and Signature Bank sent investors in search of safer places to hold their cash.
Bitcoin is up by about 87% this year. Its most recent gains come after a wave of interest in crypto from financial giants. BlackRock last week applied to register a bitcoin spot exchange-traded fund, according to a US Securities and Exchange Commission filing. Crypto exchange EDX Markets, backed by firms such as Charles Schwab, Fidelity Digital Assets and Citadel, launched its digital asset trading platform this week".
Not everyone believes that the application for a Bitcoin ETF by BlackRock and other major US financial institutions – the main reason for the recent cryptocurrency rally – will get the SEC approval: the current regulatory environment in the US makes it unlikely an approval in the short term, warned trading firm QCP Capital. The BTC/USD pair is holding firmly above $30,000, according to data from Cointelegraph Markets Pro and TradingView.
Despite its surge this year, bitcoin remains well below its all-time highs of more than $60,000 in 2021. The cryptocurrency was hammered last year by the Federal Reserve’s aggressive pace of interest rates and the collapse of crypto exchange FTX, which helped spur a sweeping sell-off in the crypto market.
Source: CNN NEWS
Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.