Bitcoin, which rose above $ 30,000 with the fake spot Bitcoin ETF news, then dropped to $ 28,000.
BTC, which has continued its horizontal movements at the level of 28,000 dollars since the beginning of the week, rose above 29,000 dollars after the positive developments and positive news yesterday.
The most important of these news is that the SEC withdrew allegations against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in the XRP case and that JP Morgan's spot Bitcoin ETF may be approved in a few months.
BTC extended weekly gains to over 9% as sentiment over a possible spot Bitcoin ETF approval in the US turned bullish.
Along with Bitcoin, increases were also observed in altcoins. The most notable of these were Solana (SOL) with a rise of more than 12%, Bitcoin SV (BSV) with a rise of more than 28%, and Stacks (STX) with a rise of 20%.
Analyzing the rise, experts said that the SEC's failure to object to the court's decision on Grayscale was also effective.
Speaking to Coindesk at this point, Metalpha's senior investor Lucy Hu said:
“Bitcoin is also encouraged by possible ETF approval and the growing number of ETF applications from leading companies.
The SEC chose not to appeal Grayscale's decision, and as the deadline for BTC spot ETF applications from institutions like Blackrock approached, the market's confidence in ETF approval increased.
“At this point, with the Bitcoin ETF approval and the halving event in April, the crypto market could start a very strong bull market.”
BTC continues to trade at $29,440 at the time of writing.
*This is not investment advice.
