Bitcoin is sustaining a rally first sparked by a false news report on Monday about the supposed approval of a spot ETF.
Bitcoin's price held onto momentum first seen yesterday after a false report about the supposed approval of a spot ETF had crypto markets buzzing.
Analysts mostly saw the market activity ignited by the false report as a dress rehearsal for what would happen if a spot bitcoin ETF was actually approved. "I think there's more people running into a flight to quality, whether that is in Treasuries, gold or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality," The BlackRock CEO added.
Deutsche Digital Assets analyst André Dragosch said ether has continued to underperform bitcoin for a variety of reasons including the recent release of the BitVM paper by Robin Linus that suggests that "any computable function can be verified on bitcoin."
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