Bitcoin Shocks the Market—$35,000+ Milestone
Last week, Bitcoin leapt past the $35,000 mark, touching the highest price it’s seen since May 2022. By the end of the trading day it had eased back just shy of $34,131, but the rally is still piling up the year‑to‑date gains—over 90 %!
Why the Surge?
Folks in the crypto space are buzzing about a possible Bitcoin ETF launch soon, and that excitement is inflating prices—not just Bitcoin, but the whole ecosystem.
- Crypto stocks surged nearly 14 % in the past 24 hours.
- Ethereum is the heavyweight contender, up more than 16 % in five days.
The Legal Twist
A federal appeals court just handed the Securities and Exchange Commission a back‑to‑the‑drawings order: it has to review Grayscale’s request to turn its Bitcoin Trust into an ETF. Meanwhile, BlackRock’s Bitcoin Futures Fund updated its filing, showing the fund is ready for launch, even though similar ETF proposals got the flat‑out “no” from the SEC.
Outlook: Bullish but Bumpy?
All signs point to a bullish trajectory for crypto, but there’s a looming wrinkle: core PCE data from the U.S. Bureau of Economic Analysis is due today. If the reported inflation climbs, the Fed may keep rates high—pushing investors to pull out of riskier assets. Bitcoin and ETH could feel the squeeze, while the silver lining is gold, which tends to hold steady.
In short: big upside, but stay alert for a possible correction!
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