Bitcoin (BTC) heading for best week since March as price gains 18% BTC $BTC
, the largest cryptocurrency by market capitalization, may be on track for its best week since March as it increases 18% weekly.of the year thanks to expectations that proposed exchange-traded funds may portend the emergence of new sources of demand.
BTC was marginally up on the last day at $30,172 at the time of writing, putting it on track for an 18% weekly increase, the most for such a time frame since March. The Securities and Exchange Commission received a surprising submission on June 15 from BlackRock Inc., one of many U.S. applications to launch ETFs that invest in spot Bitcoin. The move by the world's largest asset manager has sparked traders' optimism.
Over the past week, four major ETF companies — iShares, Bitwise, WisdomTree and Invesco — have submitted applications for Bitcoin ETFs.Bitcoin's recent move is likewise buoyed by technical factors, as the lead crypto entered a tight trading range before its subsequent move higher.noted that, based on historical precedents, extremely tight trading ranges have preceded large, volatile moves in either direction.
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