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The Bitcoin price has shown more bullish signs lately as it races to $30k. The general retail and investor sentiment towards the cryptocurrency and the general industry has been bullish. But what has fuelled this movement?
Also Read: Bitcoin Price on the Rise Again?
What’s Fueling BTC’s rush to $30k?
Here are some of the potential reasons for the continuous rise of BTC price
The JP Morgan-Blackrock Partnership
Two financial giants, JP Morgan and Blackrock, formed a blockchain-based partnership. This partnership further solidifies the interest that the blockchain industry is garnering among the big players in the traditional financial industry. And, unsurprisingly, it has generated massive bullish sentiment in the industry.
Matrixport released a report, predicting that the approval of Blackrock’s Bitcoin ETF could fuel Bitcoin price to $56k.
Greyscale’s Double Victory Over US SEC
On the 29th of August, Grayscale scored a massive victory for themselves and the entire crypto industry when the court ruled that the United States SEC had no right to reject the company’s spot Bitcoin ETF application. According to Judge Neomi Rao, the SEC rejection was “arbitrary and capricious.”
Another victory emerged for the company when the SEC revealed on the 14th of October that they would not be appealing the court ruling. However, the SEC has yet to approve all of the spot Bitcoin ETF applications on its table.
Bitcoin Held in Exchanges Continue to Drop
Another potential factor for this push to $30k is that the amount of Bitcoin being held in exchanges has continued to drop. According to CryptoQuant, only less than 12% of the entire BTC in supply is in the custody of exchanges.
This is a potential bullish signal because most BTC withdrawals from exchanges go into wallets where they’re kept for the long term.
Bitcoin Price to Hit $30k?
As of the time of this writing, Bitcoin Price is precariously close to $30k. It’s currently at $29.8k, and only needs a slight push to get there. However, there’s a huge question of whether it will stay above the threshold.
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Disclaimer: Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
