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The latest boost for Bitcoin comes after a week that saw it add almost 20% to its price on the back of news that established financial giants are looking to get in on Bitcoin and cryptocurrencies, and a raft of positive regulatory news around the world.
Meanwhile, the so-called Bitcoin dominance rate — a measure of how much of the total cryptocurrency market is controlled by Bitcoin — rose to 47% this week, the highest level since December last year.
Here’s what’s pushing the Bitcoin price higher right now…
The U.S. Securities and Exchange Commission (SEC) is mulling whether to approve the ETF, which was filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.
When the first gold ETF was introduced in 2003 by the Rothschilds and the Deutsche Bank the gold price jumped by some 300%. If Bitcoin gets a similar boost it could take the price to an eye-watering $22,500 per coin from current prices.
Elsewhere, news that BlackRock, the world’s largest asset manager, is keen on Bitcoin and cryptocurrency is still powering Bitcoin onwards, with investors hoping a surge of instituational money will drive fresh demand for the digital coins.