Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The world’s leading cryptocurrency, Bitcoin (BTC), has seen a significant surge in its price today, reaching $28,004. While several factors have contributed to this jump, here are the primary reasons: #1 SEC\u2019s Non-appeal On Grayscale Spot Bitcoin ETF Late on Friday night, the market became aware of the US Securities and Exchange Commission’s decision not to appeal the verdict which favored Grayscale’s conversion of the Grayscale Bitcoin Trust (GBTC) into a spot ETF. This decision wasn’t perhaps fully priced in on Friday, as Bitcoin’s price rose by a mere 1.2% on Friday ((followed by a fast retracement), in stark contrast to the 8% spike on August 29 when the initial ruling was announced. The move signifies the SEC’s potential readiness to green-light a Bitcoin ETF in the imminent weeks. As one Grayscale spokesman pointed out, \u201cThe Federal Rules of Appellate Procedure\u2019s 45-day period to seek rehearing has now passed. The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC\u2019s approval.\u201d Related Reading: Bitcoin Path To $70,000? Analyst Shows What This \u2018Head And Shoulders\u2019 Pattern Reveals James Seyffart from Bloomberg Intelligence highlights the probable talks between Grayscale and the SEC in the near future, stating, \u201cDialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after?\u201d As for when a Spot ETF is coming, Bloomberg Intelligence analysts predict a staggering 90% chance of the SEC’s approval by around January 10. #2 BTC’s Correlation With Gold Renowned analyst MacroScope recently provided in-depth insights into the complex relationship between gold and Bitcoin which may have contributed to today’s price move. Gold has soared by more than 6.5% from October 6 till Friday last week, driven by a combination of elements such as central bank policies, the US’s fiscal challenges, and unfolding geopolitical events like the Israel-Hamas war. Remarkably, the Gold market has been witnessing a discernible pattern: savvy investors, often labeled as the ‘smart money’, have been strategically capitalizing on price dips to augment their long positions. This behavior has been particularly pronounced around the $1820-1860 price marks, suggesting a foundational shift in gold’s pricing trajectory. Related Reading: Analyst Predicts Next Bitcoin Cycle Top \u2013 Is It $89,000 Or $135,000? This evolving dynamic in the gold market bears significant implications for Bitcoin. Historically, gold often pioneers a trend, with Bitcoin tailing behind to emulate it. This lead-lag relationship, as highlighted by MacroScope, might have been pivotal in forecasting Bitcoin’s move today. As gold appears to be charting a bullish course, Bitcoin, while influenced by its distinct set of catalysts like the spot ETF approval, could be poised to mirror gold’s trajectory. #3 Short Squeeze Finally, on a more technical note, there has been significant activity in the BTC futures market that played a part in the soaring price. Thus far today, about $20 million in short positions have been liquidated, the highest amount since October 1, when $37.5 million in shorts were liquidated and BTC rose 4% from $27,000 to nearly $28,100 in a very short period of time. In conclusion, Bitcoin’s impressive surge to $28,000 can be attributed to a combination of regulatory developments, its correlation with gold, the increasing influence of big holders or ‘whales’, and significant futures market activity. At press time, BTC traded at $27,880. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":555483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,1144],"class_list":["post-555481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\n
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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Soars To $28,000, Here’s Why","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-soars-28000-here-s-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-soars-28000-here-s-why\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/iStock-1344135727.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/iStock-1344135727.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusd"],"dateCreated":"2023-10-16T08:00:34Z","datePublished":"2023-10-16T08:00:34Z","dateModified":"2024-06-11T08:41:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Soars To $28,000, Here’s Why\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-soars-28000-here-s-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-soars-28000-here-s-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-1344135727.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-1344135727.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\"],\"dateCreated\":\"2023-10-16T08:00:34Z\",\"datePublished\":\"2023-10-16T08:00:34Z\",\"dateModified\":\"2024-06-11T08:41:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/iStock-1344135727.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555481"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=555481"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/555483"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=555481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=555481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=555481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-total-liquidations.png?resize=3447%2C990\")
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