The value of Bitcoin (BTC) has broken a key resistance and it is now trading over the $8k level for the first time in over sixty days. This has led a lot of people to predict that the bull run that drove the digital currency to $19,500 last year December has returned.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $8,027 after an increase of over 4 percent in the last twenty-four hours. The market cap of Bitcoin has also risen to $137.35 billion and its trading volume over the past twenty-four hours is $5.89 billion.
The recent spike in the value of the digital currency came after a week that saw it increase by about 20 percent as a result of the news that well-known financial giants are considering going into Bitcoin (BTC) and other digital currencies as well as other positive regulatory news around the industry.
Why the Value of Bitcoin (BTC) Is Rapidly Increasing
A lot of experts have attributed the latest bullish trend seen around the largest digital currency in the world by market cap to the supposed approval of an ETF (Bitcoin Exchange Traded Fund). The US SEC is contemplating whether or not to approve the ETF that is filed via the CBOE (Chicago Board of Exchange) by SolidX – a VanEck and blockchain platform that is based in New York.
If the bitcoin ETF is approved by the US SEC, it means individuals can buy into BTC without having to deal with trading platforms that usually struggle with awkward regulations and lack of public trust. Back in 2003 when the first ever gold ETF was introduced, the value of gold increased by over 300 percent.
If BTC experiences a similar boost, its value could increase to as high as $22,500 from its present value. It is likely that Bitcoin ETF will get approved, and once this happens, the value of the coin will rise to the moon.