BITCOIN

There is still excitement surrounding spot Bitcoin exchange-traded fund, with the world's largest crypto asset by market capitalization trading in the green zone.

The SEC chairman's statement created a myriad of speculations in the cryptocurrency industry, especially among those eagerly waiting for the official rollout of the products that would be offered by Wall Street giants, including BlackRock.

By far, this is the highest rate Bitcoin's dominance has reached over the past two and a half years or since the bull market in April 2021 where it hovered within the 50%–60% range.

Long-term holders are not impacted by the recent rally of Bitcoin since nearly 30% of their supply is being held at a loss, which according to the report, is high, historically.

If the government had sold the same number of Bitcoin at an average price of $35,000, it could have raked in $345,135,000, which meant it missed around $129,135,000 worth of gain.

Binance CEO Changpeng Zhao said, "Technical issue with a middleware service impacting withdrawals," while assuring the community that funds were safe.

BlackRock, whose spot Bitcoin ETF filing is at the center of speculations, maintained that the application in question is still within the SEC's "filing restriction period."

Based on the analysis, BTC will continue to surge and could hit the $39,000 price level anytime soon.

Like other Wall Street giants, Ark Invest, along with 21Shares, had filed a spot Bitcoin ETF filing, and recently amended its prospectus following communication from the U.S. regulator.

This decision basically solidifies the court's earlier ruling on Aug. 29, which noted that the SEC was "arbitrary and capricious" in its decision to reject Grayscale's bid to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.

Titled "Don't Trust...Verify," the documentary shows the journey of Bitfinex CTO and Tether CEO Paolo Ardoino to El Salvador, where he collaborated with community leaders, government officials and BTC evangelists who work tirelessly on the adoption of Bitcoin in the country.

Bitcoin rallied to $31,000 at the start of the week, but it seemed like the king of crypto was poised to surge to a much higher price level as it climbed to the $35,000 threshold later in the day until early Tuesday.

Early Monday morning, BTC was trading at $30,936.86 painting a huge gain of around 3% over the past 24 hours and a double-digit spike of over 10% in the past seven days.

Bitcoin's resurgence over the weekend, which continued at the start of the week, allowed MicroStrategy to nullify all of the losses it had incurred when BTC traded at $30,687.28.

The top developer announced his resignation from the Lightning Network's development and its various implementations, and his departure has been a hot topic on social media.

According to the ETF analyst, the updated spot Bitcoin ETF prospectus also confirms that issuers are engaging in discussions with the financial regulator, signifying a positive indication of progress in the filings.

The successful conversion of GBTC into a Bitcoin ETF hinges on NYSE Arca's 19b-4 application approval and the SEC declaring Form S-3 effective.

The increasing confidence in the possibility of the SEC approving spot Bitcoin ETFs was further fueled by Cathie Wood, who emphasized the shift in the SEC's attitude towards BTC ETF filings this week.

Contrary to the rumors that were circulating online a few months ago, Tesla suggested that it did not buy or sell any of its crypto assets over the three-month period ending in September. However, it did not explicitly state its actual Bitcoin holdings.

For the investor and financial education advocate, inflation erodes the purchasing power of the dollar savings of the poor and the middle class who depend solely on it.

Despite speculations, Wood noted a shift in the SEC's stance on spot Bitcoin ETF applications.