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BTC Dominance: 48.69%

Bitcoin Surges 4.8% to $28k as Spot Bitcoin ETF Hype Grows

Bitcoin ETF Approval Fuels Crypto Market Surge as Polkadot Announces New Developments

In the last 24 hours, the price of Bitcoin has soared by 4.8 percent, standing at the impressive marker of $28,000. This increase is linked to the mounting anticipation related to the potential approval of a spot Bitcoin ETF. Meanwhile, in the altcoin scene, Polkadot’s native token has seen a 6 percent decline, albeit with exciting news on the horizon. Let’s dive deeper into these key happenings in the crypto world.

Bitcoin’s Leap Amid ETF Approval Speculation

Market experts forecast the approval of a spot Bitcoin ETF in the near future. Such forecasts come on the heels of the SEC’s decision not to appeal against the recent Grayscale ruling. Previously, the district court of Columbia repealed SEC’s rejection of Grayscale’s spot Bitcoin ETF application – a development regarded as a “significant leap forward” for Bitcoin investors and advocates of ETF exposure.

Simon Peters, a market analyst at eToro, recently voiced his view on Twitter about this scenario, indicating that the court ruling significantly impacted Bitcoin’s price. The link to his tweet can be found here.

Prominent Players Weigh In On The Bitcoin ETF Approval

Key industry players are also optimistic about the Bitcoin Spot ETF approval. The former Managing Director of BlackRock has anticipated an imminent approval of BTC spot ETF, leading to an influx of $150 billion to $200 billion into the spot Bitcoin ETF in 2022. Analysts James Seyffart and Eric Balchunas from Bloomberg estimate a 75 percent probability of SEC approval.

However, speculators have been left in the lurch as the SEC has deferred decisions on spot Bitcoin ETF applications by major companies like BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie, previously scheduled for September 1-4.

Polkadot Sees a Temporary Slump Amid Planned Developments

Moving to the altcoin scene, Polkadot’s native token, DOT, trades at $3.76 following a 6 percent decline over the past week. DOT’s market cap currently stands at $4,641,612,415, with a 24-hour trading volume of $72,496,649. While this might seem concerning at first, the crypto market is awaiting new buyers owing to announced community-focused plans, including a commitment of deploying $22.08 million and 5 million DOT tokens.

Additionally, Polkadot is working toward advancing cross-chain integration and promoting efficiency and versatility in partnerships with Moonbeam and Hydra DX. These developments add an exciting chapter to the DOT ecosystem.

Conclusion

As these developments unfold, investors are keenly following each update. The anticipation surrounding the approval of the Bitcoin ETF is significantly influencing the current Bitcoin market situation and making it an exciting time for crypto investors, while new developments in the Polkadot ecosystem open up a cornucopia of possibilities for the crypto community. Stay with us for more crypto news and updates, and remember – keep an eye on the market, but don’t forget to see the big picture. Happy investing!

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