Bitcoin’s Wikipedia surge

The amount of views on Wikipedia for the cryptocurrency bitcoin recently surpassed the greatest since June 2022.

There is conjecture that the surge in cryptocurrency prices and the revelation about ETFs last week may have heightened interest. For further information, look below.

Current Bitcoin news: fluctuating between Wikipedia search parameters and steady increase

The Wikipedia entry on bitcoin had a sharp increase in traffic last week, as was to be expected, hitting its highest point since mid-2022.

In particular, as per The Block’s Data Dashboard, on October 24, 13,490 page visits were recorded on the Wikipedia article dedicated to Bitcoin.

Additionally, the price surge from last week and encouraging news regarding the possible approval of a spot bitcoinETF, according to Rebecca Stevens of The Block Research, probably fueled the surge in traffic.

In fact, Stevens said the following about the matter:

“Bitcoin’s recent rally and the potential for a spot ETF have made people more interested in the asset. The newfound interest can be shown in more casual ways, such as more people visiting the Bitcoin Wikipedia page.”

Remember that the price of bitcoin surpassed $35,000 on October 23rd for the first time since May 2022.

As a result, the largest cryptocurrency in the world by market capitalization has increased by 13% over the past week and by about 29% over the past month.

Not surprisingly, last week, analysts at JPMorgan led by Nikolaos Panigirtzoglou stated:

“The timing for approval of spot bitcoin ETFs remains unclear, but is expected to occur within a few months and most likely before January 10, 2024, the final deadline for applications from Ark Invest and 21Shares. This is the first of several final deadlines faced by the SEC for spot bitcoin ETF applications.”

The additional effects of spot ETFs on bitcoin: an increase in cryptocurrency investment inflows

CoinShares just released data showing that last week saw a surge in inflows into bitcoin investment products to levels not seen since July 2022.

Once more, the increase coincides with rising hope that the SEC may eventually permit a spot ETF on Bitcoin.

To be more precise, total inflows hit $326 million, the biggest weekly total in fifteen months. Furthermore, ninety percent of the $295 million in inflows came from bitcoin products.

Head of Research at CoinShares James Butterfill said that the improved sentiment surrounding the introduction of the bitcoin ETF was partly responsible for the momentum.

“While positive for Bitcoin, this weekly inflow is only the 21st largest on record, suggesting continued moderation among investors.”

Experts claim that a number of asset managers, including BlackRock, have updated their documentation regarding bitcoin exchange-traded funds (ETFs), which suggests that they are still in communication with the SEC.

At $37.8 billion, the total assets under management for cryptocurrency products are at their highest level since May 2022.

The fact that net inflows have occurred for five weeks running indicates that investor interest has returned.

Interestingly, the two countries with the biggest inflows of domestic capital were Canada ($134 million) and Germany ($82 million).

According to Butterfill, “supposedly as investors wait for the spot ETF,” only 12% of the total came from the US.

The SEC has until January 10th to accept or reject Ark Invest, 21Shares, and other applicants’ petitions for spot bitcoin ETFs.

Many believe that an infusion of investment could be sparked by the eagerly anticipated first approval. For the time being, there is hope that a spot bitcoin ETF would eventually reach US markets in 2023.

According to Michaël van de Poppe’s remarks, Bitcoin has entered a bull market

According to well-known cryptocurrency researcher Michaël van de Poppe, BTC is ready for a surge towards $50,000 and has officially entered positive market area.

More specifically, “Bitcoin’s bull market is here,” according to Michaël van de Poppe on Social X.

According to Van de Poppe, Bitcoin will rise above $50,000 in the upcoming months before declining and reaching a new all-time high (ATH).

“I think we will see Bitcoin reach resistance at $38,000, but will most likely continue towards $45,000-50,000 before the halving. Afterwards, consolidation and lateral action for a long period before starting to reach new ATHs.”

In addition, it appears that the expert believes that bitcoin will hit $50,000 in January 2024—a few months ahead of the BTC halving event.

Recall that the April 2024 halving of bitcoin will reduce the payouts for miners by half. This halving has traditionally occurred during strong runs in the cryptocurrency.

As of right now, Van de Poppe thinks that a decline below $33,000 is still possible for bitcoin, which is now going through a consolidation phase.

“Bitcoin is technically building a range here. Slight correction towards $33,300 and quickly bought back. If the lower limits are reached, sentiment would likely turn bearish ($32,800), but this would signal a great long opportunity.”