The price of BTC rose to 34,430 USD on Wednesday.
Following the figures from the past week, the daily gain of 0.5% and a weekly increase of 0.8% may appear unimpressive. However, it is vital to keep in mind that a crucial moment is currently unfolding: the market is on standby, refraining from engaging in sales.
The stakes are high for a rise in the price of the flagship cryptocurrency. Therefore, all news related to the launch of spot Bitcoin ETFs holds significant importance.
The scenario involving a corrective decline of BTC to 29,500 USD is currently on hold. The short-term target for an increase is set at 34,800 USD, with the next level being 35,800 USD.
The total cryptocurrency market capitalisation has reached 1.28 trillion USD. BTC’s market share has decreased to 53.0%, while ETH’s share has increased to 17.1%.
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Obtaining licenses in both New Hampshire and Arkansas enables the young company to provide services to retail clients in the digital asset sphere. Bastion expects to secure more licences. The company began operations in mid-September, coinciding with the launch of its initial funding round of 25 million USD.
As of 30 October, the number of Bitcoin wallets showing a profit has reached 39.1 million. This figure is the highest in the history of cryptocurrency. The last time similar levels were witnessed in the market was in the autumn of 2021, but at that time, the BTC price was 50% higher than it is now.
Article By RoboForex.com
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