Bitcoin Price Prediction as ETF Rumors Send Daily Trading Volume Above $20 Billion – New Bull Market Starting?
Amidst the swirling speculations and ever-evolving crypto landscape, recent rumors of a potential Bitcoin ETF approval have ignited a fervor in the trading community.
With Bitcoin's daily trading volume soaring past the $20 billion mark, many market analysts and enthusiasts are left wondering if this surge heralds the inception of a new bull market.
An intriguing event that briefly electrified the crypto community was the propagation of a false rumour about a potential Bitcoin ETF approval in the US.
Originating from the "X account" of crypto media giant Cointelegraph, this rumor sparked a sharp $2,000 ascent in Bitcoin's price.
This sudden spike also caused massive volatility across the board, leading to liquidations exceeding $100 million within an hour.
However, BlackRock later confirmed that the SEC had not sanctioned its Bitcoin ETF application. The initial rumor-spreading tweet was promptly rectified and deleted.
Recent delays by the SEC on BlackRock's ETF application have now pushed the final decision into January of the following year.
Notably, analysts from Bloomberg, James Seyffart and Eric Balchunas, estimated a 75% probability of a spot Bitcoin ETF approval by the end of 2023.
However, they quickly clarified that the rumour on that particular Monday morning lacked tangible evidence.
As of October 17th, Bitcoin (BTC/USD) presents an optimistic trajectory, priced at $28,557. Within a 24-hour timeframe, this premier digital currency has witnessed its trading volume rocket to a staggering $15 billion, resulting in a price increment of 0.75%.
Sitting proudly at the top rank on CoinMarketCap, Bitcoin's market capitalization is an awe-inspiring $557.36 billion.
The current circulation in the market stands at 19.5
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