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Bitcoin witnessed an impressive surge, reaching a noteworthy $28,810. This surge, which took place over the past 24 hours, resulted in a 3% growth, marking a two-month peak for the digital currency. Among the significant cryptocurrencies, Bitcoin stood out by registering the most significant gains, pushing its weekly increase close to 6.8%.
This positive momentum is attributed to recent modifications made to the filing of a spot bitcoin ETF in the U.S., which has significantly boosted the confidence of investors. Fidelity, a prominent asset management firm, recently updated its proposed spot bitcoin ETF, known as the Wise Origin Bitcoin Trust. The firm detailed the measures it would adopt to ensure the safety of customers' bitcoin held in custody accounts. The revision also shed light on the risks associated with the unpredictable regulations surrounding digital currencies.
Notably, Fidelity isn't the only entity making such moves. Ark Invest and Invesco have also made similar amendments to their respective spot bitcoin ETF filings. Invesco made its changes on October 11, with Ark Invest updating its filing the subsequent day. Such actions are perceived as indicators of continuous dialogues taking place between the U.S. Securities and Exchange Commission (SEC) and the entities aiming to launch ETFs, which has further invigorated the positive sentiment in the market.
James Seyffart, an analyst from Bloomberg Intelligence, shared insights on a platform formerly known as Twitter, highlighting the ongoing discussions between the SEC and potential spot Bitcoin ETF issuers. Seyffart pointed out that these conversations hint at the SEC's openness to consider the required amendments for approvals.
The market is buzzing with anticipation, as some entities predict that an eventual approval could infuse the market with an additional $1 trillion, given the current market capitalization of $1.1 trillion.
Earlier this week, rumors of a potential approval for a spot bitcoin ETF led to Bitcoin's price soaring by nearly 10%. Alex Kuptsikevich, a market analyst at FxPro, expressed optimism about Bitcoin's trajectory, emphasizing the influx of new investors in the market.
According to Kuptsikevich, the growing interest from buyers, especially around the $28,500 mark, suggests a bullish trend, and the market could soon witness Bitcoin reaching the $29,300 mark.
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