As investors’ confidence rises, Bitcoin is on the upswing and is almost at the $100,000 milestone. Improving global economic conditions and a larger interest displayed by institutions are the main reasons for market optimism. The change in sentiment is also seen in increased numbers of trades and extra action on both spot and futures markets.
Along with Bitcoin, Binance Coin (BNB) has experienced significant growth after Binance applied for its first U.S.-based exchange-traded fund (ETF). This advance is viewed as proof that digital assets are now established in mainstream finance. There is a sudden rise in BNB’s price due to speculation that the ETF approval could lead to more people using the cryptocurrency.
Some analysts argue that the strong trend in these cryptocurrencies is thanks to technical indicators and important factors driving the market. As Bitcoin cleared important resistance, it suggests the upward trend remains intact. BNB’s rise, on the other hand, is likely the result of buying after the ETF was announced.
The market moved even higher after Binance CEO Richard Teng stated that the company is committed to following international regulations and aims for steady growth. The comments by Teng have made it more likely that Binance will succeed in entering regulated markets, increasing the trust of investors.
Reflecting on longer trends, Bitcoin and BNB are seen as favoring a strong bullish trend instead of short-term volatility. Bitcoin reaching new records and Binance Coin benefiting from favorable regulations are both attracting attention from those watching the industry.
As more support is added, attention turns to if Binance’s ETF will be approved and if Bitcoin can reach $100K soon.
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