Bitcoin Surpasses $30,000 Mark

The Bitcoin price surpassed the $30,000 mark at the end of the first half of 2023, which was unexpected considering the crypto market volatility that plagued the majority of 2022.

Blackrock, the world’s largest asset manager, has filed for a Bitcoin-based product with United States regulators, suggesting that a new wave of cryptocurrency adoption may be on the horizon.

BlackRock filed with the U.S. Securities and Exchange Commission (SEC) to approve the spot Bitcoin exchange-traded fund (ETF) on June 15, 2023.

The question remains, however, as to whether the SEC will make a decision promptly or whether it will become a legal issue.

Consequently, the price sentiment of crypto assets is mainly dependent on the US SEC’s decision, and any delay could likely dampen the momentum, resulting in a Bitcoin price decline.

The fact that financial titans such as Valkyrie, Fidelity, Bitwise, Invesco, and WisdomTree filed for ETFs after BlackRock gives traders reason to believe that there is more to the filings than meets the eye.

In this context, Bitcoin analysts anticipate a period of flat asset prices in the third quarter, followed by a crypto bull run by the end of the year.

In addition to the Bitcoin ETF filings, enthusiasts of digital assets are anticipating the Bitcoin halving event, which is scheduled for the end of April 2024.

In the meantime, crypto analyst Adrian Zdunczyk predicts sluggish market activity before fireworks in the fourth quarter of 2023.