Bitcoin price rises above $30k again during very positive day for all of crypto, Bitcoin SV climbs 70% in week

The working week ended on an extremely positive note for all those concerned with crypto. Bitcoin briefly climbed above the $30k mark again after reports that Blackrock’s ETF application is getting closer to approval and Fed Chair Jerome Powell spoke of a possible ‘softening of policy’.

Bitcoin SV, or Bitcoin Satoshi’s Vision, climbed as much as 60% in the past week following tweets from Satoshi’s X account and the fact that Binance would allow the coin for trading again.

One #Bitcoin is back to $30,000.

The low is in, the bear market is over. It’s 2015/2016 all over again.

— Michaël van de Poppe (@CryptoMichNL) October 20, 2023

Solana also had a very good week, rising more than 21% in the last seven days.

Blackrock

The world’s largest hedge fund, Blackrock, is one step closer to gaining approval for its Bitcoin ETF (exchange traded fund). According to analysts, such a move would push the price of the largest digital currency to around $50,000. This information, combined with yesterday’s positive SEC court case news for XRP, turned the entire crypto market bright green on Friday.

Craig Wright

One of the biggest winners of October has so far been Bitcoin SV (also known as Bitcoin Satoshi’s Vision), which added no less than 70% in the last week.

While it’s not typically framed as such, Bitcoin can be understood as a “distributed quorum system” because it relies on a distributed network of nodes to achieve consensus (or a quorum) about the state of its ledger. This method allows a constant state of competition and growth…

— Satoshi Nakamoto (@satoshi) October 10, 2023

Triggers for this rally were the many tweets that Craig Wright sent out from Satoshi Nakamoto’s for trading on their platform.

Binance had banned the coin from their platform in 2019 after an altercation between Changpeng Zhao (CEO of Binance) and Craig Wright. Those wrinkles now seem to have been smoothed out again.

Finally, we should mention that ‘newbie’ traders (people who are just dipping their toes into crypto for the first time) often make the mistake of thinking that Bitcoin SV and Bitcoin Cash are the ‘cheaper’ versions of real Bitcoin, so if there is a good day for the entire crypto world, then those coins will dare one rising faster than the others.