After the Bitcoin price reached a three-month low of $24.835 last week, the bulls currently seem to be gaining the upper hand again. The BTC price has continued its upward trend in the last 24 hours and has risen by 1.6% to currently $26,795. At one point, BTC had already hit $27,203 before a corrective move took place.
Why Is Bitcoin Up Today?
As always, one can only speculate about the reasons why the Bitcoin price is rising. But thanks to the filing by BlackRock, the world’s largest asset manager, for a Bitcoin Spot ETF in the US, bullish sentiment has returned to the market. A Bitcoin Spot ETF is predicted to open the flood gates for institutional investors.
As NewsBTC reported, the history of the first gold ETF in the US in 2004 could be an indicator of the bullish impact that the approval of a spot ETF could have. The gold ETF has been instrumental in the adoption of gold by institutions. Within eight years of the first ETF, the price of gold more than quadrupled.
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