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Bitcoin Hits $30k After a 5% Gain in a Day: What Could Be the Cause?


BTC

Grayscale's ongoing efforts to convert its Bitcoin Trust into a spot Bitcoin ETF, coupled with a few other factors, have likely contributed to the ongoing Bitcoin rally.

Summary

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  • The price of Bitcoin surged to $30,000 with a 5.5% daily gain, largely due to growing optimism regarding the possible approval of a U.S. spot Bitcoin ETF.
  • With Grayscale's legal victory, new Bitcoin ETFs seem more likely, with the industry expecting the SEC to approve the new ETFs.
  • Coinbase's Chief Legal Officer expressed confidence in the imminent approval of a U.S. spot Bitcoin ETF, further fueling positive market sentiment.
  • With the SEC withdrawing its case against Ripple executives, a renewed surge of confidence in the cryptocurrency market may have contributed to Bitcoin's rally.
  • The cryptocurrency industry is eagerly awaiting the SEC's decision on ETF approval, with increasing pressure on the SEC to soften its stance.

Bitcoin's Notable Surge

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Bitcoin (BTC) has surged to $30,000, reflecting an impressive gain of over 5% in the last 24 hours. This surge has contributed to Bitcoin's weekly gains of over 11%, catching the attention of the cryptocurrency community. The key question on everyone's mind is: What has fueled this remarkable ascent?

Bitcoin 7-day price chart (Source: CoinMarketCap)

ETF Approval Momentum

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One of the primary drivers behind Bitcoin's recent surge might be the mounting bullish sentiment around the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. This development has sparked renewed optimism in the cryptocurrency market, with many believing that an approved ETF could significantly impact Bitcoin's performance.

Grayscale's Victory and its Implications

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Notably, a recent report by CoinDesk highlights a federal court's move to formalize Grayscale's legal win against the Securities and Exchange Commission (SEC) by upcoming Monday. The SEC's decision not to appeal the court's ruling has further solidified the path for potential new ETFs in the market.

As the deadline day approaches, experts are pondering whether the court will close the case without comment or issue further directives to the SEC.

Grayscale's New ETF Filing

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Grayscale filed an S-3 registration statement with the SEC on Oct. 19, intending to list Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.

Grayscale's new filing is in accordance with its efforts to convert the Grayscale Bitcoin Trust into a Bitcoin ETF. 

Pressure on the SEC

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Several ETF providers have been making amendments to their filings in recent days, alongside mounting pressure on the U.S. Securities and Exchange Commission to soften its stance on Bitcoin ETF approval. Even four House Financial Services Committee members have urged the SEC to heed the courts' decisions and cease its efforts to block Bitcoin ETFs from regulatory approval.

Jan. 10 Deadline and JP Morgan Report

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According to a JP Morgan report, approval of the ETFs is likely before January 10. This is a significant date as it marks the final deadline for the Ark 21Shares applications, making the potential approval of the applications even closer.

Coinbase's Confidence

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In an interview with CNBC, Coinbase's Chief Legal Officer, Paul Grewal, expressed strong confidence in the imminent approval of a U.S. spot Bitcoin ETF, following the SEC's legal setback.

Ripple's Legal Triumph Impact

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Additionally, Bitcoin's recent rally might have been further propelled by the recent legal victory of Ripple against the SEC. With the SEC withdrawing its case against Ripple executives, the cryptocurrency market may be experiencing a renewed surge of confidence and investment.

Bitcoin is trading at $29,955, as of writing.

Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.

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Disclaimer: The content of this piece is the opinion of the writer. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. You should always do your own research.

Disclaimer: Disclaimer: This article is written by a visiting author. Opinions herein are those of the visiting author. Nothing in this article is intended to constitute financial advice. The content of this article is intended for entertainment and educational purposes only. Investing in cryptocurrency carries a high degree of risk. Capital is at risk, and returns are never guaranteed. You should always do your own research.

Author

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Soumen Datta

Soumen Datta

Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.

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WEB3

Scroll in Numbers: Attracts Over Million in TVL in 6 Days

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October 23, 2023

The new zkEVM solution has recorded significant progress, attracting substantial capital inflow and a growing user base in less than a week of mainnet launch.

Summary

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  • Scroll's mainnet launch has attracted significant traction, with over $15 million in Total Value Locked (TVL) and over 84,500 unique addresses.
  • The network has processed over 90 million transactions across 9 million blocks and generated 280,000 ZK proofs during its testing phase.
  • Scroll prioritizes security by using battle-tested cryptographic libraries, undergoing regular code audits, and maintaining a bug bounty program.
  • Scroll aims to enhance Ethereum's scalability through zero-knowledge technology and EVM compatibility, competing with other zkEVM solutions like Polygon, Immutable, zkSync, and StarkWare.

Barely six days since its mainnet launch, Ethereum Layer 2 network Scroll is attracting significant capital inflow and drawing a swarm of new users. 

After more than two years of building, we are thrilled to announce the launch of Scroll Mainnet.

As we open the doors to Mainnet, we want to take a moment to reflect on our journey thus far 💛 pic.twitter.com/WKfkjyIkB0

— Scroll 📜 (@Scroll_ZKP) October 17, 2023

A new contender in the zero-knowledge Ethereum Virtual Machine (zkEVM) space, the Scroll mainnet follows 15 months of extensive testing and rigorous security audits across three different testnets. 

Notable milestones observed during this period include the deployment of over 450,000 smart contracts, an average of 305,000 transactions per day with over 90 million total transactions across 9 million blocks, and the generation of 280,000 ZK proofs.

Scroll: Mainnet Milestones

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TVL Surges Above Million

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Value Locked chart: Source: l2beat

In the wake of its successful launch on October 17, the Total Value Locked (TVL) within the protocol has surged to an impressive $15.16 million as of October 23, according to data from Layer 2 analytics platform L2Beat. This milestone reflects the growing confidence and interest in the network.

Total Value Bridged

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The network’s adoption is further evident as over 6782 ETH ($11,351,980) has been bridged according to a Dune Analytics dashboard

Unique Address Count Soar

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Unique addresses chart: Source: Scroll Scan

Furthermore, Scrollscan data reveals that the number of unique addresses reached 84,500, exhibiting a substantial daily increase of 12,579. Scroll has also witnessed its transaction activity peak at 101,375 on October 22.

As of the time of this report, approximately 65.56 ETH, equivalent to $109,730 has been spent on gas on the Scroll mainnet bridge. 

Scroll Security Measures

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Scroll aims to adhere to high security standards by leveraging battle-tested cryptographic libraries, notably including halo2. Furthermore, the codebase undergoes periodic scrutiny from the community members.

“Our bridge and rollup contracts were audited by OpenZeppelin and Zellic; the zkEVM circuits were reviewed by Trail of Bits, Zellic, and KALOS, and the node implementation was analyzed by Trail of Bits,” Scroll said in a statement.  

In addition, Scroll has launched a well-funded bug bounty program on Immunefi.

Scaling Ethereum

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Founded in 2021, Scroll emerges as a rollup solution, contending with established zkEVM solutions like Polygon. The new layer 2 enhances Ethereum's capabilities through innovative zero knowledge technology and Ethereum Virtual Machine (EVM) compatibility. 

Scroll's zkEVM employs a technically intricate, bytecode-level integration, utilizing the same code as Ethereum applications, which allows developers to easily integrate their applications into the Layer 2 network. Among other zkEVM solutions working to enhance Ethereum’s scalability include immutable, zkSync, and StarkWare. 

Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.

Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Author

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Miracle Nwokwu

Miracle Nwokwu

Miracle is a seasoned DeFi writer with over 6 years of experience in the industry. With a keen understanding of market trends, price movements, and trading patterns, Miracle has a passion for unraveling the complexities of the blockchain world. Miracle holds bags in BNB, MATIC, and other valuable cryptocurrencies.

Sources


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