Bitcoin Price Prediction: SEC's Stance, TeraWulf's BTC Surge, and Grayscale's Pending ETF Decision
Bitcoin's recent performance shows a marginal dip of less than 0.10%, trading at $29,380 as of Tuesday.
This subtle fluctuation in Bitcoin's price can be attributed to several underlying factors.
Foremost among them is the sentiment expressed by former SEC Chairman John Reed Stark, who opines that the present SEC is likely to reject Bitcoin ETF's spot approval.
In parallel, TeraWulf has reported an upsurge in its self-mined BTC for Q2, and in another development, Hut 8 is contemplating a merger with USBTC.
Industry insiders are also keenly awaiting a potential decision on Grayscale's Bitcoin ETF, which is anticipated to be announced this week.
The BTC/USD's downward trend may be due to former SEC attorney John Reed Stark's insights.
He suggests that the SEC's current administration is hesitant to approve Bitcoin spot ETFs due to concerns about market manipulation and dependency on a small group for network maintenance.
This speculation aligns with historical SEC denials of Bitcoin ETFs based on similar reasons.
Stark also speculates that a GOP-led administration might take a more crypto-friendly stance after the 2024 presidential election, potentially easing ETF approval.
The recent increase in self-mined BTC by US-based mining firm TeraWulf during Q2 2023, attributed to expanded mining capacity and higher hash rate, may have contributed to the downward momentum in Bitcoin.
This boosted their quarterly revenue by $4 million to $15.5 million.
During Q2 2023, Hut8's mid-year performance showed a decline in hash rate and self-mined Bitcoin.
The company extracted 399 BTC, marking a 58% drop from Q2 2022. This decrease was attributed to heightened Bitcoin mining difficulty, the pause in operations at the North Bay Facility, and
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