Bitcoin Price Soars Above $30K Amidst ETF Optimism and Market Surge

Bitcoin surged over $30,000, marking an 11% weekly gain, as optimism around the potential approval of a spot bitcoin exchange-traded fund (ETF) in the U.S. grew. Alternative tokens like Bitcoin Cash and Bitcoin SV also experienced significant gains. Several ETF providers amended their filings, and pressure mounted on the U.S. Securities and Exchange Commission (SEC) to soften its stance on bitcoin ETF approval. The possibility of the Grayscale Bitcoin Trust being converted into an ETF excited traders, and a ruling in Grayscale's favor could have a positive impact on overall market sentiment. The market's confidence in ETF approval has increased as the deadline for BTC spot ETF applications from institutions like BlackRock approaches.