
Bitcoin price movement is showing signs of explosive rise after experiencing tumultuous ups and downs. The next BTC halving could play a crucial role in this development. Expert Reveals Main Driving Force Behind Bitcoin’s Impending Rise.
Momentum boosted by the craze for Bitcoin ETFs
The price of Bitcoin now seems to be moving towards a significant increase for this year.
Indeed, an impressive 95% of Bitcoin investors are currently in profit. This underlines the robustness and profitability of the flagship crypto despite market turbulence.
The Altcoin Daily specialist revealed on Youtube the real catalysts of this ascent.
The impetus behind this price increase is thegrowing interest in Bitcoin-related ETFs. In fact, four Bitcoin ETFs are among the top 25 ETFs of all time, including those from BlackRock, Fidelity, ARK Invest, and Bitwise. Lookonchain reports that BlackRock’s iShares Bitcoin Trust acquired 4,489 BTC, and Fidelity 2,820 BTC, contributing to the rise in the Bitcoin market which saw its price rise by more than 5.7% today.
Regulatory challenges to overcome
Despite Bitcoin’s positive momentum, it faces notable regulatory challenges. The currently proposed legislation, led by Senator Elizabeth Warren, weighs heavily on the sector. The Digital Asset Anti-Money Laundering Act seeks to apply financial reporting rules to cryptos as rigorous as those of traditional financial institutions. These regulatory constraints could slow down the growth of digital currencies.
The bill in question risks marginalizing cryptos by imposing disproportionate compliance requirements on miners and wallet service providers. This is the alert launched by Perianne Boring, CEO and founder of the Digital Chamber of Commerce.
Nonetheless, Bitcoin managed to reach $45,000 and is currently trading at $47,155, with trading volume seeing an increase of 14.05% over the past 24 hours.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.