Bitcoin (BTC), the oldest and most valued crypto in the world, managed to climb above the $30,000 mark and managed to remain steady, thanks to the renewed confidence among investors due to the possibilities of Bitcoin Spot ETF approvals by the US Securities and Exchange Commission (SEC). The SEC’s decision to not challenge the Grayscale ETF application has lent a positive push to the prices. It remains to be seen how long the latest rally is able to sustain itself. 


Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 


Crypto Prices Over The Past Week


Last Monday (October 16), the overall crypto market cap stood at $1.06 trillion. BTC price stood at around $27,221.97, ETH price stood at around $1,562.92.


A week later, the overall market cap rose to $1.16 trillion.


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DeFi's total volume stands at $3.62 billion, at 7.97 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $42.12 billion, at 92.87 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’, at 55 points (out of 100) — seeing a slight boost in investors’ confidence when compared to last Monday.


BTC dominance, at the time of writing, stood at 51.27 percent.


Over the past seven days, Bitcoin achieved a high of $30.442.35 (on October 23) and a low of $27,278.651 (October 16).


Ethereum, on the other hand, saw a high of $1,676.67 (October 23) and a low of $1,547.06 (October 19).


Crypto Events To Note


According to JPMorgan's research report released on Wednesday, Bitcoin (BTC) experienced a surge in value this week, primarily driven by growing optimism surrounding the potential approval of several spot bitcoin exchange-traded funds (ETFs). The report highlights that the recent decision by the Securities and Exchange Commission (SEC) to not contest a key ruling in the Grayscale case has moved the approval of these ETF applications one step closer. Grayscale is known for managing the Grayscale Bitcoin Trust (GBTC), which is the largest cryptocurrency fund globally.


While the exact timing of the approval remains uncertain, the report suggests that it is likely to occur within the coming months, possibly before the final deadline of January 10, which is set for the Ark 21Shares applications. Analysts, led by Nikolaos Panigirtzoglou, believe that this development is significant for Bitcoin's recent positive performance.


In other news, over the course of the past ten months, starting in mid-December 2022, Wrapped Bitcoin (WBTC), a cryptocurrency pegged 1:1 to Bitcoin (BTC), has seen a reduction in its circulating supply by approximately 23,000 coins. Presently, there are 79,839 unique wallet holders for WBTC. Significantly, a substantial 73.76 percent of these tokens are concentrated among the top 100 holders.


As of October 22, 2023, there are a total of 79,839 distinct wallets containing WBTC, and the circulating supply of WBTC stands at 163,006 tokens, giving the project a market value of $4.88 billion. Since December 17, 2022, there has been a decrease of 12.31 percent in the circulating supply of WBTC, which has decreased from 185,909 WBTC to its current level of 163,006 WBTC.


The inception of the Wrapped Bitcoin project is attributed to a partnership between Bitgo, Kyber Network, and Ren (formerly known as Republic Protocol). It was introduced on the Ethereum blockchain in late January 2019. The minting and redemption processes for WBTC are overseen by custodians, and participants engaged in these processes are required to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.


Lastly, Hong Kong's securities regulatory body and its central bank have recently revised their crypto policy in light of inquiries from the cryptocurrency industry. In a notice regarding the involvement of intermediaries in virtual asset activities, these regulatory bodies have implemented supplementary safeguards aimed at safeguarding the interests of retail investors. These measures include limitations on retail investors' access to what they have categorised as "sophisticated financial products."


What Crypto Traders Are Saying About Current Market Scenario


Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin breached the $30,000 mark over the weekend, driven by renewed optimism regarding the potential approval of a Bitcoin Spot ETF as multiple applicants amended their applications with the US SEC last week. Bitcoin reached a three-month high with an impressive growth of over 11 percent in the past seven days. The prevailing market sentiment is bullish. Concurrently, Ethereum successfully broke through the $1,600 resistance and is currently trading above $1,650, while altcoins like Solana and Chainlink have demonstrated remarkable growth, with gains of more than 35 percent and 41 percent, respectively, in the last week.”


WazirX Vice President Rajagopal Menon offered his take, “Crypto enthusiasts are optimistic about Bitcoin's potential surge to $100,000 in the next five years. This enthusiasm arises from expected Bitcoin ETF approvals, which are likely to attract institutional investors. The US SEC's non-appeal decision favouring Grayscale's Bitcoin Trust increases the possibility of it becoming a spot ETF. Bitcoin briefly hit $30,000 due to this news, with a false social media post causing around $100 million in liquidations. Bitcoin's dominance rate reached 52.55 percent during ETF speculation, retracing to $28,000. The Crypto Fear & Greed Index shows market sentiment at a neutral 52.”


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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.