© Reuters.
NEW YORK – Bitcoin has seen a surge in activity, with significant trading volume surpassing $100,000, indicating a spike in large-scale moves that the market has not seen in two years. The rise comes as the cryptocurrency market closely watches the possibility of the U.S. Securities and Exchange Commission (SEC) approving bitcoin spot exchange-traded funds (ETFs), a development that could significantly influence significant market dynamics.
At the start of the week, the value of bitcoin fell, but it has since recovered, reaching $43,852, representing an increase of 1.79%. The recovery and increased activity of large investors underlines the volatility of cryptocurrency and the keen interest of market participants in regulatory developments.
Investors and analysts believe that the SEC’s approval of spot Bitcoin ETFs could attract institutional investors and encourage investment in cryptocurrencies.
The market’s attention is fixed on the SEC’s impending decision, as it is expected to influence the accessibility of bitcoin to more investors and possibly catalyze the adoption of new cryptocurrencies.
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