The crypto market is reverberating with cheers as Bitcoin breaks past $31,000, marking its first since July and propelling MicroStrategy into profitability once again.

This upswing is not just a figure but represents a testament to the growing belief in the potential approval of a spot Bitcoin ETF (Exchange Traded Fund).

Bitcoin Breaks $31,000 on ETF Speculation

As Monday dawned, Bitcoin soared, continuing a rally stretching into its second week. This surge of over 4% in the last 24 hours pushed Bitcoin past the significant $31,000 threshold. This is a figure not seen since the summer rays of July shone down.

At the time of writing, Bitcoin was trading at $31,300, a figure that reflects its individual strength and pushed the global cryptocurrency market capitalization up by 3.7% to a whopping $1.22 trillion.

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

This rally, analysts say, is fueled by multiple bullish signals. Among them, the narrowing GBTC discount now

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Author: Bary Rahma

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