After a sharp drop to $40,750 and a half-billion-dollar liquidation, Bitcoin has surged back to $44,000. The fall was anticipated as the reasons behind it lacked substance, suggesting a “sell the news” event was being manipulated.
The recent recovery of BTC to $44,000 comes amidst rumors of a delayed ETF approval. A report shared by Matrixport to its clients was based on assumptions, which were clarified by its founder yesterday. Subsequently, events hinting at imminent ETF approvals were observed.
The SEC scheduled meetings with three exchanges for potential listings, and firms like Grayscale, VanEck, and Fidelity updated their ETF filings, indicating progress towards ETF acceptance.
Sources from Fox Business suggest that official ETF approvals could be communicated to issuers by Friday. When weighing these developments against Matrixport’s predictions, the scales tip in favor of the bulls.
The recent speculative drop was a bear trap, and with more positive developments fueling optimism for ETF approvals, Bitcoin’s price rise is unsurprising and likely to continue.