#Bitcoin once again made headlines with its recent price increase. The top digital asset by capitalization has jumped to a staggering $35,000, fueling discussions among enthusiasts and experts.

While many may be quick to attribute the upward move to “obvious” causes, such as Bitcoin exchange-traded funds (ETFs), Arthur Hayes offers diverse reasons. more present.

Hyperinflation

First, Hayes points to the problem of persistent inflation. As economies grapple with the financial policy consequences of the pandemic, the purchasing power of many fiat currencies around the world is eroding. Central banks' quantitative easing and sweeping stimulus packages, while necessary during the crisis, are now pushing inflation rates above safe levels.

Source: TradingView

ETF Rumors of “the bald guy”

Hayes also highlights one particularly intriguing reason: the talk of “bald man ETFs.” While the specifics of this rumored ETF remain mysterious, he could be referring to the Coinbase CEO, who is often referred to as the “bald guy” in the industry.

The beginning of a growth market

Hayes' third reason is simple but profound. In his words, “we have the potential for a bull market.” The inherent characteristics of a bull market are optimism, investor confidence and stronger expectations of good times ahead. Current market sentiment is supported by strong fundamentals and growing mainstream adoption, suggesting we may be on the cusp of another significant bull run.

To add another dimension to this analysis, it is worth noting that 400 million Bitcoin Shorts were liquidated overnight. Along with the reasons outlined by Hayes, such a large amount of liquidation creates the perfect storm for Bitcoin prices to skyrocket.

Peter Schiff predicts Bitcoin crash before ETF ruling

In a major development, the United States Court of Appeals for the District of Columbia has ordered the United States Securities and Exchange Commission (SEC) to reconsider Grayscale Investments' application to convert its GBTC fund into a Bitcoin-traded ETF. right. The decision sent shock waves throughout the cryptocurrency market, pushing Bitcoin prices up 15% and setting a new high for the year at $36,000.

BTC 4-hour price chart | Source: Tradingview

At the same time, the SEC approved Grayscale's application to launch spot Ethereum #ETF . This added even more enthusiasm to the already buoyant sentiment of cryptocurrency market participants.

Notably, outspoken critic Peter Schiff weighed in on this ongoing saga. In a tweet, he pointed to the current Bitcoin price of $35,000 and suggested speculators were betting on the SEC “nod” for Grayscale to convert GBTC into an ETF.

Schiff warns that if the switch actually gets the green light, it could signal the culmination of the ongoing Bitcoin price rally. He further warned that any potential sell-off after approval could be less severe than anticipated.

Two main questions now

The crypto community is currently abuzz with speculation about the impact the approval decision will have on Bitcoin's trajectory. Will the SEC approval lead to another bull run as enthusiasts hope? Or will Schiff's warning be confirmed, ushering in a market recession? The outcome remains uncertain, making this a pivotal moment for the crypto market.

As crypto enthusiasts await the SEC's verdict, Bitcoin's future hangs in the balance at yearly highs, with price and market stability top of mind for everyone.

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