Bitcoin (BTC) is presently changing hands at a price of $27,190.14, up more than 1.23% over the last 24 hours, and is squirming out of its lengthy long-term deadlock. The famous Fear and Greed Index has now moved for the first time in months as a result of the upswing it has witnessed in recent weeks.
The graph demonstrates that the index has changed from a score of intense terror to neutral at 47. This change emphasises how the underlying effects of the various factors have significantly impacted both institutional investors’ and retail investors’ perceptions about the future of the leading digital currency.
Investment managers have embraced Bitcoin wholeheartedly for the majority of the year; they have submitted and are currently awaiting comments on their application for the spot Exchange Traded Fund (ETF) product. Although the SEC has not showed much excitement for approving Bitcoin ETFs, the sector has many reasons to be positive.
Reasons for bullish Bitcoin anchor
The existence of well-known investment banking companies with a track record of successfully submitting ETF applications, such as BlackRock and Fidelity, is one of the causes. Along with this, Grayscale Investments’ recent victory over the US Securities and Exchange Commission (SEC) on the transformation of its Grayscale Bitcoin Trust (GBTC) product into a full-fledged spot Bitcoin ETF product is also significantly boosting sentiment.
The court reprimanded the SEC for lacking a solid justification for rejecting the conversion application and pointed out that its claims of market manipulation are tenuous. The resurgence of community interest has clearly been a key component in bringing the Bitcoin index from its lowest points to the current neutral level as long as the general feeling surrounding the future of Bitcoin remains positive.
