Bitcoin hovers as ETF anticipation grows

Bitcoin climbed another 1.6% higher to $28,366.08, continuing the momentum seen since Sunday. After flat-lining at just under $27,000 from the tail end of last week, the price of the number-one cryptocurrency has been hovering just below $29,000 for the past two days, up 6.9% over the month, as anticipation growth about the potential launch of BlackRock's spot bitcoin ETF.

Timeline of Bitcoin

In 2012, a staggering 50,000 Bitcoin (BTC) were stolen from the infamous Silk Road, an illicit dark web marketplace. Over the years, the value of the stolen BTC skyrocketed to $3 billion, making it one of the most significant mysteries in cryptocurrency.

Bitcoin (BTC) miners are constantly generating Proof of Work (PoW) in a highly competitive business to discover the next valid block. Recently, Bitcoin mining difficulty was adjusted to its all-time highs, which hardened the competition and business profitability.

On Oct. 16, a false report published by major crypto-focused media outlet Cointelegraph sent shockwaves through the industry over its claim that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's application for a spot Bitcoin (BTC) exchange-traded fund (ETF).

In the ever-evolving world of cryptocurrencies, Bitcoin has always emerged as the undisputed leader. Despite the significant drop in Bitcoin's value, with prices hitting as low as $25,000 last quarter, influential players have continued to accumulate the digital asset.

Investment management firm Blackrock has reacted to rumors about the approval of its Bitcoin Spot ETF application by the United States Securities and Exchange Commission (SEC) which caused quite a stir among the cryptocurrency community. Blackrock CEO Responds To Claims On Bitcoin Spot ETF On Monday, crypto news outlet CoinTelegraph posted on X (formerly Twitter) that the US Security and Exchange Commission (SEC) had approved a long-anticipated application of Bitcoin Spot ETF, but later retracted the report.

It is important to note that when a government agency seizes a crypto asset, it does not immediately own the assets. Ownership transfers only after a court ruling in favor of forfeiture.

In a volatile turn of events, the price of Bitcoin (BTC) experienced a dramatic surge and subsequent crash as a result of false reports regarding SEC's approval of the spot Bitcoin ETF application by BlackRock.

Top market personality Anthony Scaramucci has shared insights into the growing optimism surrounding Bitcoin (BTC) in recent times. Taking to the X platform, Scaramucci names five distinct factors behind this rally, calling them "catalysts" for the steep projection for the coin from analysts.

On a bustling Monday, the cryptocurrency-focused news platform Cointelegraph broadcasted that the U.S. Securities and Exchange Commission (SEC) had given the green light to Blackrock's Ishares spot bitcoin exchange-traded fund (ETF). The unverified news spread like wildfire, and in its wake, the value of BTC soared over 10% against the U.S.

The U.S. government has amassed Bitcoin worth approximately $5 billion in recent developments. These assets, confiscated in connection with various criminal activities, now form one of the largest known Bitcoin caches.