Bitcoin Market Sentiment Soars Amid Anticipation of BlackRock’s Bitcoin ETF Approval
Summary:
The Bitcoin market sentiment has reached its highest since November 2021, when the currency was valued at $69,000, according to the Crypto Fear & Greed Index. This surge follows optimistic speculation about the potential approval of BlackRock’s Bitcoin ETF by the U.S. Securities and Exchange Commission. If the ETF is approved, cryptocurrency investment firm Galaxy Digital predicts a possible 74% spike in Bitcoin's price in the first year.
The sentiment surrounding Bitcoin (BTC) has climbed back to heights not experienced since the cryptocurrency hit $69,000 in mid-November 2021, based on the Crypto Fear & Greed Index. The index now stands at 72 out of a possible 100, situating it solidly in the "greed" territory. This figure represents a six-point rise since October 24 and a 16-point surge from its midpoint "neutral" position on October 18. The increasing confidence in the market is largely due to the hopes associated with BlackRock’s Bitcoin ETF potentially receiving the green light from the U.S. Securities and Exchange Commission. Bitcoin's biggest single-day surge in over a year took place on October 24, with a daily increase of 14% that briefly propelled its price over the $35,000 milestone. The index, which gathers information from six central market performance metrics to rate daily market sentiment, last registered a score of 72 on November 14, 2021, just days after BTC hit its record high of $69,044 on November 10 the same year as per CoinGecko data. The lowest ever rating of 7 happened on June 16, 2022, in the aftermath of the Do Kwon's Terra Money ecosystem collapse. This event shaped a series of price-reducing outcomes that later affected hedge fund Three Arrows Capital and crypto lender Voyager Digital among others. In light of the anticipation around spot ETFs, cryptocurrency investment firm Galaxy Digital has forecasted a possible 74% hike in Bitcoin's price in the first year after successful approval.
Published At
10/25/2023 6:29:00 AM
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