Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Public money, private plans: MPs demand Post Office transparency

      13 June 2025

      Coal to cash: South Africa gets major boost for energy shift

      13 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      10 red flags for Apple investors

      13 June 2025
    • World

      Yahoo tries to make its mail service relevant again

      13 June 2025

      Qualcomm shows off new chip for AI smart glasses

      11 June 2025

      Trump tariffs to dim 2025 smartphone shipments

      4 June 2025

      Shrimp Jesus and the AI ad invasion

      4 June 2025

      Apple slams EU rules as ‘flawed and costly’ in major legal pushback

      2 June 2025
    • In-depth

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025

      South Africa unveils big state digital reform programme

      12 May 2025

      Is this the end of Google Search as we know it?

      12 May 2025
    • TCS

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025

      TCS | Sentiv, and the story behind the buyout of Altron Nexus

      3 June 2025

      TCS | Signal restored: Unpacking the Blue Label and Cell C turnaround

      28 May 2025
    • Opinion

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025

      Digital giants boost South African news media – and get blamed for it

      29 May 2025

      Solar panic? The truth about SSEG, fines and municipal rules

      14 April 2025

      Data protection must be crypto industry’s top priority

      9 April 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » The bulls are back in bitcoin country

    The bulls are back in bitcoin country

    A bitcoin rally fuelled by optimism about fresh demand from ETFs may have further to run if history is any guide.
    By Agency Staff23 October 2023
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    bitcoinA bitcoin rally fuelled by optimism about fresh demand from exchange-traded funds may have further to run if history is any guide.

    The largest digital asset posted a 9.8% jump in the seven days to Sunday — the biggest weekly advance since June — as traders bet on the possible approval in coming weeks of the first US ETFs investing directly in the token.

    In the past five years, weekly gains of at least that magnitude presaged a 10% average bitcoin climb over the subsequent month. The token rose 3.2% to trade at US$30 818 as of 7.21am SAST on Monday. Smaller coins also rallied, including a 3.3% increase in ether to $1 695.

    Some argue these funds will bring new inflows into the highest-profile cryptocurrency

    Asset managers BlackRock and Fidelity Investments are among the fund firms in the race to offer a spot bitcoin ETF in the US. Some argue these funds will bring new inflows into the highest-profile cryptocurrency.

    “The drums seem to be beating louder that a bitcoin ETF will be approved by year-end, which would be supportive for the token in the medium term as it will likely bring more institutional players into the space,” said Tony Sycamore, a market analyst at IG Australia.

    Bitcoin is also “finding support from the shift in tone by Federal Reserve speakers”, Sycamore said, citing Fed comments hinting at reduced need for another interest rate hike following a tightening in financial conditions.

    The US Securities and Exchange Commission has so far resisted spot bitcoin ETFs on risks such as fraud and manipulation in the underlying market. The applications from investment titans stoked speculation that the US agency will relent.

    Bitcoin Trust

    The regulator also recently indicated it won’t appeal a court ruling that may pave the way for the $18.4-billion Grayscale Bitcoin Trust to convert to an ETF.

    Bloomberg Intelligence analysts Elliott Stein and James Seyffart have said “approval of a spot bitcoin ETF looks inevitable” and that a batch of funds is likely to be given the green light, though the exact timing remains uncertain.

    The SEC has already allowed ETFs that hold bitcoin and ether futures. The agency overall has cracked down on crypto following last year’s market rout and blow-ups like the bankruptcy of the FTX exchange amid fraud allegations.

    Read: Bitcoin jump hints at trader ‘playbook’ for ETF launches

    Bitcoin has rebounded 87% this year, outstripping the 44% gain in a gauge of the 100 largest tokens. It now accounts for almost 50% of the $1.2-trillion digital-asset market, a type of dominance it last had in 2021, CoinGecko figures show. The digital asset remains well below its 2021 record of nearly $69 000.

    Read: Bitcoin’s Lightning Network seeks resurgence after losing its way

    “Volatility in bitcoin has the potential to escalate further,” said Caroline Bowler, CEO at crypto platform BTC Markets.  — Akshay Chinchalkar, with Sunil Jagtiani, (c) 2023 Bloomberg LP

    Get breaking news alerts from TechCentral on WhatsApp



    Bitcoin bitcoin ETF
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleDeep cuts to iPhone 15 prices in China as sales disappoint
    Next Article MTN names Liquid exec David Behr as head of new ICT centre

    Related Posts

    Bitcoin smashes R2-million mark in record-breaking rally

    22 May 2025

    Trump tariffs are now slamming crypto

    7 April 2025

    How stablecoins could unlock trade in South Africa

    1 April 2025
    Company News

    Huawei Watch Fit 4 Series: smarter sensors, sharper design, stronger performance

    13 June 2025

    Change Logic and BankservAfrica set new benchmark with PayShap roll-out

    13 June 2025

    SAPHILA 2025 – transcending with purpose, connection and AI-powered vision

    13 June 2025
    Opinion

    Beyond the box: why IT distribution depends on real partnerships

    2 June 2025

    South Africa’s next crisis? Being offline in an AI-driven world

    2 June 2025

    Digital giants boost South African news media – and get blamed for it

    29 May 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.