Bitcoin rebounded over the $44,000 level on Thursday after the cryptocurrency valuations plummeted a day earlier. The global cryptocurrency market cap rose nearly 1% to $1.66 trillion at the time of publishing.
Filings by Grayscale and VanEck once again ignited hopes for the approval of a Spot ETF by the U.S. Securities and Exchange Commission. The Grayscale Bitcoin Trust (OTC:GBTC) filed a Form 8-A registration with the U.S. regulator on Thursday. It was noted by Walter Bloomberg that such filings indicated an advancement of applications.
| Cryptocurrency | Gains +/- | Price (Recorded at 9.37 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +1.24% | $43,467.88 |
| Ethereum (CRYPTO: ETH) | +0.91% | $2,243.03 |
| Dogecoin (CRYPTO: DOGE) | +1.03% | $0.08 |
The Crypto Fear & Greed Index, a measure of emotions and sentiments, flashed Greed with a value of 72 at the time of publishing. A value of 0 on the index indicates “Extreme Fear” while 100 represents “Extreme Greed.”
Top Gainer (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9.37 p.m. EST) |
| Celestia (TIA) | +21.7% | $15.24 |
| Aptos (APT) | +17.41% | $10.54 |
| Terra Classic (LUNC) | +15.71% | $0.00013 |
Meanwhile, other risk assets such as stock futures were seen inching higher ahead of a key jobs report on Friday. On Thursday, the Dow closed 0.03% higher, while the tech-heavy index fell 0.56% in regular trading.
Analyst Takes: OANDA analyst, Craig Erlam, said in a note, seen by Benzinga, “It’s been a very volatile day for bitcoin which was trading almost 9% lower at one stage before clawing back around half of those losses.”
Erlam attributed the earlier crash in Bitcoin to a report suggesting that the SEC was likely to reject Bitcoin ETF applications.
“In reality, it would probably only delay approval rather than prevent it but it would be interesting to see how cryptos would respond considering how much the ETF has fueled the rebound,” said the analyst.
Cryptocurrency trader Michaël van de Poppe said on X, formerly Twitter, “The ETF news is around the corner. Likely an approval for #Bitcoin, resulting in a positive inflow of institutions over the coming years.”
Van de Poppe also construed the Bitcoin Spot ETF approval as a bullish…
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