Bitcoin Has Jumped Over $31K. Here's Why

GM Readers!📪 It's BitDegree Insider, and let's turn yet another page in this Web3 book.

⭐️Today's selection:

• 📈Bitcoin Over $31K
• 😎Cool Facts Tuesday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

BITCOIN GOIN' UP

Yes, the Bitcoin price is showing attitude. The world's #1 cryptocurrency has jumped over $31K. Viva Bitcoin! But, why did this happen? Where is this impulse coming from?

Bitcoin has climbed past the crucial mark of $31,000 and has sustained its value at this point.

The last time we saw such a price was in June 2022, meaning it's been more than a year!

So, what sparked this latest surge?

The primary factor propelling this growth was BlackRock's initiatives.

Yesterday, they submitted an updated application to launch a spot Bitcoin ETF in the United States, but this time, they've incorporated the regulator's advice.

Recently, the SEC sent back Bitcoin ETF applications for amendments, terming them as flawed. BlackRock's proactive response signifies their unwavering intent to break into the crypto market.

In their fresh application, the behemoth of the investing world, has chosen Coinbase as their partner for SSA (Shared Surveillance Agreement), against a backdrop of the SEC's perceived favoritism towards the U.S. exchange.

Earlier, the Chicago Board Options Exchange (CBOE) had also chosen Coinbase as their ally in their Bitcoin ETF application.

In line with the rising institutional interest, ETH has also seen an uptick but hasn't breached the $2000 mark.

TL;DR: The recent surge in Bitcoin's price can be attributed to BlackRock's updated application to launch a spot Bitcoin ETF in the US, incorporating the regulator's advice. BlackRock's proactive response indicates their determination to enter the cryptocurrency market, and they have chosen Coinbase as their partner for the Shared Surveillance Agreement.

COOL FACTS TUESDAY

Tuesdays are for learning something interesting. Here's a cool tendency. Surprisingly, it's from the NFT market.

There's been a sudden rise in the market. Why?

Just yesterday, everything looked so starkly red... But today… Let's talk about the potential longevity of NFTs.

Here's a rather intriguing, yet significant factor we need to highlight:

DeGodsNFT, BAYC, Azuki, PudgyPenguins, among others, were FEATURED ON Bloomberg television due to their floor prices falling down.

This set off a market reversal. Of course, it wasn't the only reason, but it undoubtedly had an impact.

Interestingly, in a poll, that we conducted yesterday and asked you about the long-term survival of NFTs, the results were… a tie. 50:50. Which means that we've got an equal amount of optimists and pessimists within the ranks of our readers!

So, let's toss in a few more facts and observe how the opinions shift.

If someone asks, "NFTs aren't physical or tangible... will they have value?"

The answer is - yes. Why?

Consider a simple example: you can't physically touch the blue check on Instagram... yet numerous people want it badly.

Many people can't flaunt much of their possessions... but with digitalization on the rise, even more individuals will be able to boast about their virtual assets, not to mention their physical ones verified by ownership through an NFT.

Secondly, numerous projects are bolstered by substantial financial resources. While 99% will likely fail, some will build something truly significant.

Therefore, many NFTs are progressing, enhancing their material value proposition (Azuki has begun creating their own anime series, and similarly, Doodles has acquired an animation studio).

And here's an exciting fact - the entire animated show "Krapopolis" by FOX, accompanied by their NFT collection, is set to be launched soon. FOX channel is oldschool, yet with a massive audience to attract… So this may result in something big.

Given the above, the notion that NFTs will eventually disappear seems highly unrealistic.

Furthermore, there are still opportunities out there! New NFT projects will continue to emerge; 99% will fail, but there will always be projects that stand out amidst the clamor. Whether you are a builder, trader, artist, or just an observer!

Additionally, brands with genuine and tangible products are already incorporating NFT advancements into their real-world offerings.

Lastly, talent and interest always persist, irrespective of the market cycle! There are incredible readers like you who stay informed, engaged, and passionate about this space, helping to drive it forward with your curiosity and dedication.

So, let's see what we shall see!

TL;DR: The recent rise in the NFT market can be attributed to factors such as featured coverage on Bloomberg, the potential for long-term value, and the development of NFT projects with financial resources and real-world connections. Despite skepticism, opportunities continue to emerge, and the engagement of individuals in the space contributes to its growth.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

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