After weeks of price weakness, crypto bellwether Bitcoin (BTC-USD) has returned to the $30,000 level. The price of BTC has put on a 9% gain over the past month alone as tensions in the Middle East increased.
BTC’s ascent to 30K has also buoyed major cryptocurrency stocks across the board. Shares of crypto miners Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA), and Hut 8 Mining (NASDAQ:HUT) are trending higher today as cryptocurrencies once again act as a safe haven amid turmoil in the broader financial markets.
Shares of crypto exchange Coinbase Global (NASDAQ:COIN) are also in the green today, driven by enthusiasm over the rising cryptocurrency prices. Today, the company’s Chief Legal officer, Paul Grewal, expressed confidence that the U.S. Securities and Exchange Commission (SEC) could approve a U.S. Bitcoin ETF, as reported by CNBC.
Grewal’s comments come after a judge recently ruled that the SEC did not have a basis for denying asset manager Grayscale’s move to turn its GBTC fund into an ETF.
A Bitcoin ETF could be an efficient mechanism for investors to participate in the crypto market without directly purchasing cryptocurrencies, and Coinbase could be a major beneficiary of such a development.
Meanwhile, Grayscale seems to be on track to launch its first spot Bitcoin ETF in the U.S. after the SEC decided not to appeal the court ruling to stop Grayscale. The financial watchdog had until October 13 to do so.
What is the Upcoming Price Prediction for BTC?
The surge in BTC has helped crypto-focused names like RIOT, HUT, MARA, and COIN clock triple-digit gains so far this year. However, BTC is approaching a crucial price level. The next resistance for the cryptocurrency is at $32,700, and a break above this level could trigger a major price rally.
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