Crypto Market Rallies
This week has been good for many crypto holders following a marketwide rally. After several weeks of slow moves, Bitcoin has risen by 11% over the past seven days to briefly touch $30,000 for the first time since July. The coin currently changes hands for $29,654.
BTC started rallying on Monday after reports made rounds on the Internet that the United States Securities and Exchange Commission had decided not to appeal a court ruling that ordered the review of the regulator’s decision on Grayscale’s Bitcoin spot ETF filing.
The largest and oldest crypto asset saw its value receive another boost on Tuesday when popular news platform Cointelegraph shared fake news that the Securities and Exchange Commission had approved the Bitcoin spot ETF application filed by asset manager BlackRock.
“Interest in Crypto is Growing,” BlackRock CEO Says
While denying Cointelegraph’s claim, BlackRock boss Larry Fink said the rally fueled by the fake news shows a rising interest in cryptocurrencies. Notably, Fink had labeled Bitcoin and altcoins “facilitators of money laundering” in 2017.
On Thursday, BlackRock announced it had submitted its ETF filing after making some amendments. The ETF application now features reporting mechanisms and a detailed breakdown of the product’s pricing. That day, JP Morgan released a report claiming that a Bitcoin spot ETF could hit the market as early as January.
More Leading Cryptocurrencies Rally This Week
While BTC fueled the marketwide rally, its gains have been outpaced by two top 20 altcoins. Solana is up 25% to trade at $27. Its exceptional rally started when news broke that the collapsed crypto exchange FTX had staked SOL tokens worth over $212 million. There were fears that the exchange would cash out its SOL holding as part of the ongoing bankruptcy case.
Bitcoin Cash is another token that has since massive gains this week. It has added 12% to its value and now trades at $240.06.
Another leading cryptocurrency that has recorded growth is XRP, which is up 6.8% to $0.51584. It began rallying after the Securities and Exchange Commission announced it had dismissed the charges it brought against Ripple executives, Chairman Chris Larsen and CEO Brad Garlinghouse.
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