"Maybe it's possible, maybe not, no matter what, investors have to always pay attention to the movement of BTC, you know."
A day after Thanksgiving in the United States (US), the price of the king of cryptocurrency Bitcoin (BTC) last Friday saw a significant rise up to around $38,407 which is a level not seen since May 2022.
This is because investors expect the Securities and Exchange Commission (SEC) to approve spot BTC ETFs in the near future.
In addition to BTC, crypto-related stocks also experienced an increase where Coinbase (COIN) jumped 6% while Stronghold Digital Mining (SDIG) and Marathon Digital Holdings (MARA) gained 6.4% and 4% respectively.
According to Laurent Kssis, former director of 21Shares said that the movement of the entire crypto market may fluctuate following the BTC ETF spot agreement which is expected to take place on January 11, 2024.
Due to the ease of trading and cost-effectiveness, BTC ETF will attract more institutional investors who have never seen in the crypto exchange to apply for the product, Kssis commented further.
Therefore, Kssis predicts that BTC is able to strengthen up to $40,000 this weekend then the price of the digital asset will be in a state of uncertainty when the spot BTC ETF is approved.
As of this writing, BTC price has plunged back by 0.52% to $37,555 in the last 24 hours with a market cap of $734 billion but is still up 0.70% over the past week.
