Bitcoin (BTC) Price Soars to $35K as Spot Bitcoin ETF Approval Hype Builds: This Week’s Crypto Recap

The market is seemingly starting to wake up, and enthusiasm is as high as it’s ever been this year. The industry added another $140 billion to its capitalization throughout the last seven days on the back of considerable gains across the board.

Starting off with Bitcoin’s price, it’s up a whopping 14.3% in the past week, currently trading at around $34,000 at the time of this writing. Last weekend was relatively slow, but it all changed on Tuesday when the price exploded above $34K, reaching close to $35K on some exchanges.

Of course, there was a good reason for it – ETF hype. On Tuesday, the website of the Depository Trust and Clearing Corporation suddenly showed the listing of a spot Bitcoin ETF under the ticker iBTC – BlackRock’s BTC ETF. The market obviously took that as a sure sign that the chances of approval by the United States Securities and Exchange Commission are high. The next day, the ticker was removed and, shortly after – added once again.

Industry participants are baffled by the fiasco, and it’s not really clear what it means. The SEC hasn’t approved a spot Bitcoin ETF as of yet, and there’s been no indication that it would, but the tension is building as the price is clearly factoring it in.

That’s all the rest of the market needed to soar as well. Major altcoins are up considerably. Ethereum (ETH) is up 11%, BNB and Ripple’s XRP chart 6% gains, DOGE is up 17.6%, Cardano – 116%, SOL – 20%, and so forth.

The market is booming. The spirits are also high. Many are taking this as the end to the prolonged crypto winter that saw capitalizations depressing across the board.

But is that really the case? The developments of this week make it particularly interesting to see how the market will shape up in the coming days.

You know what they say – there’s never a boring day in crypto.

Market Data

Market Cap: $1.298B | 24H Vol: $216B | BTC Dominance: 51%

BTC: $33,967 (+15%) | ETH: $1781 (+11%) | BNB: $225(+5.4%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin’s Wild Ride: BlackRock’s ETF Delisting and Relisting on DTCC Stirs Hysteria. The Bitcoin price went on a rollercoaster this week, and not without a good reason. an iBTC spot Bitcoin ETF ticker suddenly appeared on the website of the DTCC. But there’s way more to that story.

Bitcoin Fear and Greed Index Soars to 2-Year High: What Does This Mean? The Bitcoin fear and greed index – a tool used to gauge general crypto market sentiment – is currently sitting at a 2-year high. This means that the spirits are high and participants are positive.

The Reason Bitcoin (BTC) Price Exploded to $35K. The reason for this week’s massive surge in Bitcoin’s price is the listing of an iBTC (BlackRock) spot Bitcoin ticker on the website of the Depository Trust and Clearing Corporation.

Tether Sets the Record Straight: No Violations of Sanctions Laws, No Terrorist Ties. Tether has refuted claims that USDT has been used to fund terrorists, following the request of US lawmakers for an investigation. The company has revealed that it’s been working with 31 law enforcement agencies across 19 jurisdictions.

Bitcoin Hit ATH in Nigeria, Argentina, and Turkey Amid Raging Inflation. Bitcoin’s price hit an all-time high in Nigeria, Argentina, and Turkey. The reason for this is the raging inflation in these countries and the fact that people are seemingly turning to cryptocurrency in search of some sort of capital protection.

Justin Sun Claims Record HTX Profits This Quarter. Justin Sun is claiming that his firm turned more than 14% profits in the last quarter. According to the entrepreneur, Huobi has had its best quarter ever.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Solana – click here for the complete price analysis.