In a week marked by significant crypto market activity, Bitcoin (BTC) and Bitcoin SV (BSV) have seen substantial price increases. On Wednesday, BSV experienced a 20% surge, trading at $39.85, outperforming both BTC and Ethereum (ETH). This performance was largely driven by the anticipation of Bitcoin ETF approval and the recent decision regarding the SEC's Grayscale lawsuit.
The price of Bitcoin rose to a two-month high of $28,817 on the same day due to amendments made by Fidelity to its spot Bitcoin ETF filing, the Wise Origin Bitcoin Trust. The changes focused on safeguarding customers' Bitcoin in custody accounts and outlining risks associated with the regulatory environment around cryptocurrencies. This led to a 2.8% increase within 24 hours and extended the weekly rally close to 7%.
Both Bloomberg Intelligence analyst James Seyffart and FxPro senior market analyst Alex Kuptsikevich noted these developments as positive signs for the cryptocurrency market. Seyffart pointed out ongoing dialogues between potential spot Bitcoin ETF issuers like Ark Invest and Invesco and the SEC, who have also recently updated their filings. Kuptsikevich anticipates Bitcoin reaching the $29,400 level soon due to elevated trading volumes, suggesting fresh buyer interest around the $28,500 level.
Despite false rumors of spot bitcoin ETF approval circulating briefly and causing a temporary spike in BTC and BSV prices, BlackRock (NYSE:BLK) CEO Larry Fink observed that the continued rise in bitcoin prices reflects pent-up investor interest. Some firms predict that upon approval, the ETF could contribute a $1 trillion addition to the market capitalization, currently standing at $1.1 trillion.
BSV's price increase was also influenced by support from Craig Wright, who claims to be Satoshi Nakamoto, and a tweet from @satoshi on October 2, which led to a 20% daily increase in BSV's price. Bitcoin SV was created from a BCH/USD blockchain hard fork and developed by nChain.
These developments and their potential implications for the future of digital assets will be discussed at Benzinga's Future of Digital Assets event.
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