What Was Behind Friday's Bitcoin (BTC) 8% Rally Above $3,700? - Today's Gazette - Cryptocurrency, Bitcoin News
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What Was Behind Friday’s Bitcoin (BTC) 8% Rally Above $3,700?

Bitcoin Price Analysis: Can BTC Break Current Resistance Level


What Was Behind Friday’s Bitcoin (BTC) 8% Rally Above $3,700?

On Friday, the entirety of the crypto industry was shocked, as Bitcoin (BTC) and other leading digital assets posted jaw-dropping gains within a matter of a few hours. Proceeded by a double-digit hike in the value of Litecoin, which came effectively straight out of left field, BTC found itself up by 8%, establishing a foothold at the $3,700 price level for the first time in weeks.

But this led many to ask — what caused this ‘straight out of left field’ broader crypto market rally?

Bitcoin ETF Rumors

Many would argue that Friday’s move could have something to do with rumors regarding Bitcoin exchange-traded fund (ETF) comments from U.S. SEC commissioner Robert J. Jackson. According to Drew Hinkes, the general counsel at Athena Blockchain, Jackson claimed that the governmental representative believes that a “fund based on bitcoin” will eventually make it through the SEC’s regulatory hoops.

The SEC commissioner, who was speaking to CQ Roll Call in a supposedly “leaked” interview transcript, added that eventually, he hopes and thinks that a crypto upstart will be able to satisfy the SEC’s mandates in a BTC ETF application.

Some have begged to differ. In a recent rebuttal to the interview, a journalist from Decrypt Media remarked that there remain many barriers in the crypto-linked ETF subsector, thus making irrational to assume that such a vehicle is slated to go live.

Regardless, some have still taken this as a sign for potential gains.

Abra’s Crypto-To-Stocks Feature 

This news regarding crypto ETFs comes as Abra, an American crypto upstart, revealed that it would eventually allow its clients to buy U.S. stocks, like Apple, Google, or Microsoft, ETFs, and other cryptocurrencies using the Bitcoin network.

While some have asked what’s the issue is with traditional investment portals, Abra seemingly wants to increase demand for BTC, while also giving its customers access to more than one asset class via their offering. And if Abra users opt to use Bitcoin, Ethereum, or Litecoin to purchase traditional equities, they purportedly won’t even be mandated to submit KYC — bolstering the value proposition for this newfangled feature even further.

This all comes as Wall Street institutions have seemingly continued to express interest in crypto. Some institutional-centric developments include, but aren’t limited to: the upcoming launch of Fidelity’s crypto asset custody, the Bakkt Bitcoin futures, OTC desks from Coinbase, Binance, Bithumb, and BitGo.

It is clear that the fundamentals of this industry have continued to swell, and only now are prices catching up.

Author’s Note: This is an opinionated article, and thus shouldn’t be used as investment advice (regular articles shouldn’t be considered such either). Please do your due diligence before making crypto investments.  

Nick C. was a former writer and content editor at Today's Gazette. He's now the editor of Ethereum World News. Mail Him on 0nickchong0@gmail.com

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