Bitcoin to new heights? Here are the main catalysts...

The movement of Bitcoin’s price shows signs of an explosive rise after experiencing tumultuous highs and lows. The upcoming BTC halving could play a crucial role in this development. An expert reveals the main driver behind Bitcoin’s imminent rise.

Momentum Boosted by the Excitement for Bitcoin ETFs

The Bitcoin price now appears to be heading towards a significant increase for this year.

Indeed, an impressive 95% of Bitcoin investors are currently in profit. This underlines the resilience and profitability of the flagship cryptocurrency despite market turbulence.

The specialist from Altcoin Daily revealed on Youtube the real catalysts for this ascent.

The impetus behind this price increase is the growing interest in Bitcoin-related ETFs. In fact, four Bitcoin ETFs are among the top 25 ETFs of all time, including those from BlackRock, Fidelity, ARK Invest, and Bitwise. Lookonchain reports that the BlackRock iShares Bitcoin Trust acquired 4,489 BTC, and Fidelity 2,820 BTC, contributing to the Bitcoin market rise, which saw its price surge by over 5.7% today.

Feb 9 Update:

8 ETFs added 10,766 $BTC($510.6M) today while #Grayscale only decreased 1,850 $BTC($87.7M).

#iShares(#Blackrock) added 4,489 $BTC($212.9M) and #Fidelity added 2,820 $BTC($133.7M).https://t.co/AwPa4M9vOd pic.twitter.com/L9ErxYlOGu

— Lookonchain (@lookonchain) February 9, 2024

Regulatory Challenges to Overcome

Despite the positive momentum of Bitcoin, it faces notable regulatory challenges. Legislation currently being proposed, carried by Senator Elizabeth Warren, weighs heavily on the sector. The Digital Asset Anti-Money Laundering Act seeks to apply financial reporting rules to cryptos as rigorous as those for traditional financial institutions. These regulatory constraints could slow the advance of digital currencies.

The bill in question risks marginalizing cryptos by imposing excessive compliance requirements on miners and wallet service providers. This is the alert launched by Perianne Boring, CEO and founder of the Digital Chamber of Commerce.

Nevertheless, Bitcoin has managed to reach $45,000 and is currently trading at $47,155, with an exchange volume that has seen an increase of 14.05% in the last 24 hours.