Bitcoin briefly over 30K. Will the bull market begin?

Bitcoin has found its way up. The world's most valuable cryptocurrency broke through the US$30,000 mark. Will the bull market finally take off?

Bitcoin has not touched this price in a while. This is the first time that the most valuable cryptocurrency has been above this mark since August. Meanwhile, the price has dropped a bit again to $29,905.

The price is being boosted by the US. There are increasing signs that a Bitcoin Spot ETF is being approved. Several financial services companies such as BlackRock and Fidelity are pushing for it. At the same time, news around Grayscale, the largest asset manager for digital assets, created a positive mood.

According to Reuters news agency, the U.S. Securities and Exchange Commission (SEC) is hoisting its sails in the legal dispute with Grayscale. They no longer want to block the conversion of the Bitcoin Trust into a spot ETF.

This does not yet mean a green light for Grayscale. However, the approval of a Bitcoin Spot ETF, which the crypto market has been waiting for months, is becoming increasingly likely.

Want to know why Bitcoin ETF's are bullish for crypto? We explain it in the following article.