Bitcoin was up 5.2% for the week, followed by the Russell 2000 small caps index, which was up 3.5%. These gains outperformed the 0.2% tech-heavy Nasdaq 100 Index gains and the S&P 500 index's 0.9% gains.
Bitcoin on Monday rose past $40,000 for the first time since May last year, boosted by hopes that the United States will soon allow broader trading of the world's biggest cryptocurrency.
The price rally of Bitcoin, which started in October, also fueled speculations that it would touch $40,000 or higher by the end of 2023.
The latest BTC acquisition is MicroStrategy's second consecutive BTC purchase in the past couple of months since it acquired 155 BTC for around $5.3 million at the start of November.
Bloomberg Intelligence ETF analysts predict that there is a 90% likelihood that the U.S. Securities and Exchange Commission will approve the much-awaited spot Bitcoin ETF applications by Jan. 10.
With BlackRock's revised in-kind model proposal, it remains to be seen if the SEC would change its mind.
These metrics show Bitcoin holders' reluctance to sell while buyers look for BTC supply, which is one of the factors why the king of crypto reached a new year-to-date high of $38,410 on Nov. 24.
Last week, American investment management firm ARK Invest sold more GBTC shares, specifically 163,722, to earn $5.02 million.
A pending altcoin rally is on the horizon as notable trends show alternative coins are gaining strength, crypto analysts say.
The world's first-ever crypto asset continued to reach new heights as its price lingered between the $37,000 and $38,000 price territory.
Microstrategy is sitting on an unrealized profit of $8,155.91 per BTC or $1,291,896,144.
In a presentation shown at the meeting, BlackRock, like ARK Invest, leaned toward a Bitcoin exchange-traded fund (ETF) that uses in-kind creations and redemptions, which goes against the reported recommendations of the commission to BTC ETF applicants.
The latest edition of the Bitfinex Alpha report warned about "signs of waning momentum," which, based on history, is usually associated with market declines and selling pressure from short-term holders taking profit.
ETF analysts believe that the latest update on spot Bitcoin ETF prospectus is a positive move that means the firm and the SEC are actively communicating.
While rumors of an imminent SEC approval on the spot Bitcoin ETF filings spread like wildfire online and triggered bullish sentiment, particularly on BTC, it looks like the financial regulator is not yet ready to allow a crypto vehicle to be available this year.
Bitcoin surged to an 18-month high last week when it traded above the $37,000 price level as industry analysts revealed that the commission has an eight-day window to approve all spot BTC ETF applications.
During an interview, the ARK Invest founder said, "There's speculation that he's interested in the Treasury Secretary position at some point. What does the Treasury Secretary do? Very focused on the dollar."
The crypto market was surprised earlier this week when a regulatory filing surfaced online showing that BlackRockis pursuing an XRP exchange-traded fund (ETF).
It is considered the largest amount of liquidated longs in just 24 hours since Aug. 17, when Bitcoin nosedived from the $28,000 threshold to around $25,000 in just a matter of minutes.
A crypto analyst believes that the recent dip in BTC's price creates an entry point for altcoins.
BlackRock said stablecoins' volatility has "apparently impacted" the value of Bitcoin and given that it is a "relatively new phenomenon," it is "impossible to know all of the risks" they could pose to players in the Bitcoin market.
Currently, the market sentiment is "cautiously optimistic" but industry watchers think that SEC's non-decision on spot Bitcoin ETF could stir market boredom.
