Crypto Market Shows Resilience and Growth: Bitcoin Surges, Altcoins Eye ETF Approvals, and Institutional Interest Rises
Crypto Market Shows Resilience and Growth: Bitcoin Surges, Altcoins Eye ETF Approvals, and Institutional Interest Rises
The cryptocurrency market is experiencing a period of significant positive developments and increasing institutional engagement. Despite past market fluctuations, institutions are reportedly planning to boost their crypto exposure, with optimism for potential altcoin ETF approvals following the end of the US government shutdown. Bitcoin has shown strong performance, surging past $106,000, recovering price, and seeing its value nearly double over the past year. Crucially, Bitcoin has expanded its real-world utility with Square opening up payment features to 4 million merchants. Ethereum (ETH) has also drawn substantial institutional attention, with BitMine significantly increasing its holdings. The Uniswap (UNI) token saw a remarkable price jump following a proposed fee switch and burning mechanism. While regulatory bodies in the US are drafting new market structure bills, these developments, alongside discussions dismissing 'quantum threats' to Bitcoin, contribute to a generally positive outlook for the sector, even as some individual companies like Gemini report losses.
Despite October’s crash, the end of the US government shutdown could bring “bulk approvals” for altcoin ETFs, catalyzing the next wave of institutional inflows, according to Sygnum.
Some critics argue the threat posed by quantum computers is overblown, including Strategy chairman Michael Saylor, who has once called it a marketing ploy to pump quantum-branded tokens.
The Senate passed a bill on Monday to end the record US government shutdown, while Bitcoin has been trending on social media as it surged 6.7% past $106,000.
TeraWulf reported the average price of Bitcoin during Q3 was $114,390, compared to only $61,023 for the same period last year.
Shares in Gemini slumped after the company reported losses in its third-quarter results, largely due to the costs associated with going public.
X users have already reported using the new Bitcoin payment feature at coffee shops across the United States.
BitMine’s massive ETH accumulation accelerated last week, adding 110,288 Ether to its $12.5 billion treasury as it targets 5% of the total supply.
Propanc Biopharma said it will build a crypto treasury after securing up to $100 million from Hexstone Capital to further its potential cancer treatment and reignite investor interest.
The Uniswap token rose over 38% after the introduction of a protocol fee switch and burning mechanism that could strengthen UNI.
The Senate Agriculture Committee has released a draft bill outlining the proposed regulatory jurisdiction of the country’s two main financial market regulators.