BTC/USD: Bitcoin Tops $35K After 20% Pump on the Week as Spot BTC ETF Prospects Shine

Excited buying has taken place this week and bulls are already calling for $40,000 as the next target. Altcoins got love too.

  • Bitcoin BTCUSD blasted through the $35,000 mark early on Tuesday, pumping a hefty 7% on the day, after a new wave of excitement swept the crypto space. The orange coin hit an 18-month high of $35,200 a piece and flaunted gains of nearly 20% since the start of the week. Alctoins got a lift as well.
  • Driving the rally are bright prospects of the first-ever US-based spot Bitcoin exchange-traded fund. That is, an ETF that holds actual Bitcoin and allows institutions to own, buy and sell the real deal. Presently, there are only futures-based ETFs on Bitcoin which don’t add up to the token’s market cap.
  • The Securities and Exchange Commission, America’s top regulator, is expected to soon announce its verdict over several spot BTC ETF applications. Crypto asset manager Grayscale inched closer after it won a court ruling. But also BlackRock, the world’s biggest traditional asset manager, is all ears for its spot BTC ETF filing.

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