After testing the $40,000 price level, Bitcoin BTC appears to have bounded back, regaining its previous bullish momentum and positively influencing the overall crypto market. Despite market volatility, Bitcoin has surged by 4.70% to reach $43,143.14 accompanied by a 4.70% increase in market capitalization, now standing at $844,500,599,485. Additionally, there has been a notable surge in trading volume, raising by 36.10% to $25,839,466,563 within the past 24 hours. The overall crypto market capitalization has also experienced growth, increasing by 1.04% to reach $1.573 trillion within the same 24-hour period.
The surge in Bitcoin’s price appears to be linked to the positive developments in the crypto market. Notably, wealth management firms BlackRock and Wisdom Tree have joined a group that submitted the updated S1 files to the American Securities and Exchange Commission (SEC). This submission followed closely after ARK Invest and 21Share submitted their updated s-1 file for the approval process of their Spot Bitcoin ETF.
In a recent post in ‘X’ by Bloomberg analyst James Seyffart, mentioned about the filing of BlackRock’s updated S-1 as a development in the spot Bitcoin ETF approval process. Referring to one of the pages of the amended S-1 form, he wrote “BlackRock also accepting SEC’s edict on cash creations it seems.” It is mentioned on the S-1 form that in-kind creations are subject to the regulatory authority. This indicates BlackRock’s plan to get approval for spot Bitcoin ETF even by shifting in strategy to cash creations from their proposed in-kind creations.
Following BlackRock’s updated S-1 filing, Wisdomtree also submitted its 4rh amendment of its S-1 form. James Seyffart posted the information on X about it.
The submission of updated S-1 forms in line with the SEC’s guidelines signals a positive progression in the approval process for the spot Bitcoin ETF. The surge in Bitcoin’s price is attributed to these regulatory activities, fostering a positive sentiment among investors.
Supporting recent positive developments in Bitcoin, Ali Martinez, a crypto analyst, has shed light on the implications of the Bitcoin Price Performance Cycle and the potential timing of the next market peak. According to Martinez’s chart analysis, the projected next market peak is estimated to occur around October 2025, approximately 700 days from the current date, indicating a bullish momentum.
Furthermore, it’s crucial to closely monitor the actions of crypto whales to gause Bitcoin’s price direction. Additionally, a definitive close above $45,000 has the potential to generate substantial positive momentum, propelling the Bitcoin price toward its previous all-time high.
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