Bitcoin, Entering a Bull Market? Rising for Two Days After Settling Above 30,000

Bitcoin has settled around the $30,000 (40.53 million KRW) mark, continuing its upward trend for the second consecutive day.

[Image source=Reuters·Yonhap News]

According to cryptocurrency exchange Coinbase on the 23rd (local time), as of 6:14 AM, the price of one Bitcoin was trading at $31,523, up 5.06% from 24 hours earlier.

Bitcoin broke through the $25,000 to $30,000 range that had persisted for about three months by settling above $30,000 the previous afternoon, and on this day surpassed the $31,000 level.

Compared to trading in the $26,000 range a month ago, this represents a roughly 20% surge within a month. Its market capitalization also reached $607.5 billion, surpassing $600 billion (810 trillion KRW).

Expectations that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin ETFs submitted by asset management firms around the end of the year acted as a positive factor. U.S. economic media CNBC reported that some companies applying for ETFs have revised their applications over the past few weeks to address SEC concerns, and investors are interpreting this as a positive sign that the SEC is cooperating with these companies.

There are also forecasts that Bitcoin will surge sharply if spot ETFs are approved. Anthony Scaramucci, CEO of U.S. investment firm SkyBridge, predicted, "If BlackRock's spot Bitcoin ETF is approved, the value of Bitcoin could increase elevenfold."

He said, "If major financial institutions' ETFs receive SEC approval, a significant amount of capital will flow in. Imagine how large the scale would be if $100 billion flows into Bitcoin."

Investment bank Morgan Stanley forecasted that the Bitcoin halving and spot ETF approval will trigger a future cryptocurrency bull market. During the Bitcoin halving, the number of Bitcoins mined is halved, leading to price increases.

Morgan Stanley stated, "The Bitcoin halving will signal the end of the cryptocurrency winter and the beginning of a new bull market," adding, "Bitcoin halvings have historically triggered bull markets, and this time will be no different."

This content was produced with the assistance of AI translation services.