Bitcoin Prices Reach Highest Level Over The Last 13 Months

Bitcoin price has increased again. (Photo; Doc. Unsplash)

JAKARTA - The price of Bitcoin hit a new high in the last 13 months. The price of BTC broke 31,500 US dollars (around IDR 478 million) on Thursday, July 6. Although currently BTC is trading around US$31,200 (IDR 473 million), the general sentiment is that the proposed Bitcoin ETF spot under consideration by the US Securities and Exchange Commission (SEC) can provide a positive boost to the price of Bitcoin.

Many believe that the iShare Bitcoin Trust ETF application proposed by BlackRock has a great opportunity to get approval from regulators.Rachel Lin, CEO of decentralized derivative protocol SynFutures, expressed optimism for the potential increase in Bitcoin prices. However, he also noted the possibility of corrections to 27,500 US dollars (IDR 417 million) if the price of Bitcoin fell below 29,500 US dollars (IDR 447 million).

Over the past few weeks, the SEC has received a number of BitcoinetF submissions. Several companies such as WisdomTree, Invesco, Fidelity Investments, ARK Invest, Valkyrie, Bitwise, and BlackRock have submitted submissions. Although the previous SEC-rejected Bitcoin spot ETF app, BlackRock had a greater chance of obtaining approval, given changes in the iShares app and inclusion of surveillance split agreements (SSA) to prevent market manipulation.

Recently, Grayscale Investments also filed a lawsuit against the SEC following their rejection of the app. Grayscale CEO Michael Sonnenshein expressed his disapproval of the refusal. Bloomberg senior ETF analyst Eric Balchunas gave BlackRock a 50 percent chance of obtaining approval from the SEC, while Bloomberg intelligence analyst Elliott Stein estimates Grayscale has a 70 percent chance of winning their lawsuit.

With the hope of approval of the Bitcoin ETF app, the crypto market shows positive sentiment, which is reflected in the price of Bitcoin which will reach a new high in 2023. The increase in the number of applications and changes in the approach of companies such as BlackRock and Grayscale shows positive developments in dealing with regulators and opening the door to wider crypto adoption in the financial sector.