Daily Crypto NewsEDITION #851, 24 October 2023

Bullrun coming?

Today... but why do we need this history when it's literally unfolding before our eyes? Tears of despair have started to turn into cries of eager anticipation. Bulsl? Bulls. Now, let's dive a little deeper and understand what's happening and why.

Bitcoin has gained +10.75%.

As of the time of writing this post, it's at $34,000. Twitter and chat experts link this rise to the introduction of the iShares BTC ETF on The Depository Trust & Clearing Corporation (DTCC). Simply put, this means that ETF approval is imminent. Well, if no one messed up and it's not some malicious manipulation :)

Why could the BTC ETF be approved very soon?

In a good way, we can identify several reasons that indirectly hint at the imminent approval of the ETF.

- People at the SEC themselves acknowledge the organization's idiotic stance on ETF. 

- BlackRock will start pouring money into ETFs this month.

- BlackRock's CEO publicly praises Bitcoin.

- The court has sided with Grayscale in the case against the SEC. Basically, the SEC folks have to reconsider their approval for the company to convert into a BTC ETF fund.

And so on and so forth.

What are the advantages?

Well, ETFs are when big guys buy crypto and, in a way, help other big guys get into it. It's new money in the market, and then FOMO and retail investors will rush to buy BTC.

What are the disadvantages?

Ofc, manipulation. ETFs will essentially concentrate a huge amount of Bitcoin in the hands of one, two, or three companies. Therefore, manipulating the hamsters (us) will be easier.

Conclusion!

These are good news, but there's no need to get super relaxed. It's entirely possible that we might take a dip to the bottom once more. After all, the process is lengthy, but the news of ETF approval, when the SEC officially acknowledges it all, will be super positive.

In any case, when the bull market kicks in, more projects will start coming out of hibernation. More fun tokens will emerge. We'll be back to sitting in chats 24/7 and aping into various projects.