Investing.com | Editor Pollock Mondal
Published Oct 31, 2023 03:46AM ET
Bitcoin’s recent 30% surge has sparked speculation of a “golden cross” in the cryptocurrency market, suggesting further growth. This increase is attributed to several factors, including growing institutional adoption, escalating retail investor interest, and the limited supply of Bitcoin, according to Raj Chowdhury, Chief of PayBito.
Chowdhury views the rise of Bitcoin as an affirmation of blockchain technology’s potential amid the ongoing digital revolution. He emphasized PayBito’s mission to democratize access to cryptocurrencies, facilitated by their white label crypto broker platform. This platform is part of PayBito’s global crypto solutions suite that has been implemented in 26 countries, including the US.
In addition to these developments, there are indications of a higher likelihood for future approvals of Bitcoin ETFs. Notably, Grayscale Investments has reconsidered its Bitcoin trust ETF application and BlackRock (NYSE:BLK) has updated its own Bitcoin ETF application. These actions have been identified by Chowdhury as influential factors contributing to the speculative “golden cross” in the crypto market.
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Written By: Investing.com
