Bitcoin Price Prediction: BTC Hits $70,000 Amid Ethereum ETF Optimism
Bitcoin (BTC) continued its upward momentum, staying well-supported around the $69,703 level and reaching an intra-day high of $71,957 on Tuesday. This bullish trend is primarily driven by positive regulatory news concerning Ether exchange-traded funds (ETFs).
The US SEC’s recent request for exchanges to update regulatory filings for Ether ETFs has sparked widespread optimism in the cryptocurrency market. This move by the SEC has significantly increased the likelihood of ETF approvals, thereby boosting investor confidence.
As a result, Bitcoin has benefited from the overall positive market sentiment. The strong performance of Ether and the growing interest in cryptocurrency ETFs have contributed to Bitcoin’s gains, reflecting heightened investor enthusiasm across the market.
Public Bitcoin mining companies have bolstered their finances in preparation for the upcoming April halving event. According to BlocksBridge Consulting, ten public miners raised $2 billion through equity financing to mitigate the impact of reduced profitability post-halving.
Leading this effort, Marathon Digital, CleanSpark, and Riot Blockchain collectively held $1.33 billion in cash and 32,200 Bitcoin by the end of March.
Despite mixed Q1 2024 financial results due to rising costs, Riot Blockchain reported a record net income of $211.8 million. However, funding activities slowed in Q2, with less than $500 million invested in major public mining stocks by mid-May.
These financial preparations have strengthened miner resilience and market confidence, contributing to Bitcoin’s price stability and growth amid the anticipated reduction in mining rewards from the halving event.
The likelihood of Ethereum ETF approval has surged from 25% to 75%, according to
