All about Crypto & Blockchain

Market Wrap: Bitcoin Approaches $50,000 in the Hopes of a US ETF Approval

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Bitcoin, the poster boy for all cryptocurrencies, has been in the news for all the wrong reasons recently. With the prices crashing and the adoption of the coin as the legal tender of El Salvador, things haven’t been looking good for some time now.

The currency has lost more than 15% in value in the last few weeks itself but is showing steady signs of growth now. On Monday, the currency crossed the $50k mark and instilled confidence into the hearts of crypto enthusiasts.

USA’s SEC has given the green light for a bitcoin exchange-traded product, also known as an ETF. The decision can be implemented in a matter of weeks. The presence of SEC commissions right now means that the SEC has been warming up to the idea of Decentralized Finance (DeFi).

The value of Bitcoin plummeted to $46k but has once again gone past the $50k mark. This is good news as the rising prices confirm experts’ theory of BTC crossing $100,000 in 2022. These are conservative estimates, but there are many people who believe that the price will be in the range of $200k-300k. This makes them great long-term investments that will only grow in the future.

This exponential increase in price means that the BTC token will be out of reach for most people in some time. If you have been planning to get into the crypto trade, then the right time is now, with the growing acceptance of DeFi and crypto even amongst traditional finance regulators.

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