Crypto Market Seems Bullish as Bitcoin Inches Closer to $70,000

Many investors have lost their interest in Bitcoin over the past few months. However, as the crypto market has warmed up once again, many traders have decided to open up temporary positions in great numbers. According to the cryptocurrency whale tracker on Twitter, in October, numbers of digital wallets containing 100 to 1000 Bitcoin have increased.

The same crypto aggregator also reported that during the same time, many whale investors have chosen to move their Bitcoin holdings from cold storage and static wallets. In the last 24 hours, Bitcoin prices have been appreciated by 3%, and the flagship crypto is trading for $67K at press time. On the other hand, the other crypto variants have shown a mixed behavior in the same period.

While most crypto traders are interested in knowing more about Bitcoin, many investors have been diversifying their digital trading with other crypto alternatives. Since yesterday, Ethereum went up by 2%, getting to a position of $4,783 per unit.

The digital assets that have managed to get to a higher position on the crypto leader board are Solana, BNB, Litecoin, Shiba Inu, XRP, Uniswap, and Polkadot. On average, these tokens were able to get an appreciation of 2%. The biggest cause for the green candles on the crypto market is the possibility of a Bitcoin ETF approval grant by the Securities and Exchange Commission.

SEC Chief Claims Bitcoin ETFs are not Good for General Masses due to High-Risk Factors

Many of the major financial institutions of the United States have decided to start offering their consumers exposure to cryptocurrencies starting from this year. However, most of these organizations prefer to allow only high net worth and those investors who have an appetite for high risk-bearing to diversify their portfolio with digital assets.

Gary Gensler, SEC Chief, recently told media that an exchange product of Bitcoin is going to have the same intrinsic volatility as Bitcoin itself. However, the Bitcoin ETF by ProShares has been granted a green signal since the futures contract it is pegged to have been regulated by the Commodities and Futures Committee since 2014. Many organizations are trying to get approval for a BTC ETF. Meanwhile, Invesco has recently decided to opt out of this race.

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