Experts believed that there was a high chance for a spot Bitcoin ETF approval.
The market was projected to see increased volatility in the aftermath of the approval.
The crypto market broke out of the low volatility regime in October, with several of the leading assets posting their best performances since May 2022 – the official beginning of the bear market.
The beginning of the bull market?
The market rally pushed the world’s largest crypto asset, Bitcoin’s [BTC], monthly gains to 28.34%, according to a report by digital asset manager Galaxy. Moreover, the industry benchmark Bloomberg Galaxy Crypto Index (BGCI) rose more than 20%.
The leap was primarily built on the optimism over potential approvals of Bitcoin spot ETF applications by the U.S. Securities and Exchange Commission (SEC).
In fact, the drama started when unconfirmed news about the approval of one of the many applications sent BTC soaring to nearly $30,000.
While the news was debunked as expected, the volatility and
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