Quote from Henrywrites on October 28, 2023, 3:23 pm

The excitement surrounding the anticipated approval of a spot bitcoin exchange-traded fund (ETF) listing has contributed to the cryptocurrency's recent 20% surge. This increase in Bitcoin's value occurred while tech stocks were declining, even though major companies like Amazon, Google, and Facebook reported better-than-expected earnings. The Nasdaq Composite has fallen over 10% from its July peak, entering correction territory.

This shift is noteworthy as Bitcoin has historically shown a strong correlation with the U.S. equity markets but now appears to be disconnecting from them. Bitcoin has gained over 100% year-to-date and is currently valued at around $670 billion, rivalling companies like Tesla and Eli Lilly in market capitalization.

If Bitcoin were a U.S.-listed stock, it would rank as the ninth-largest by market capitalization, just behind Berkshire Hathaway, Warren Buffett's conglomerate, according to data from CompaniesMarketCap

However, traders are cautious about the potential for an extended price surge in the coming weeks due to the U.S. Federal Reserve's Federal Open Market Committee (FOMC) meeting scheduled for next Tuesday and Wednesday.Some analysts believe that the FOMC meeting could lead to significant market changes. There's uncertainty about whether the Fed will maintain its policy rate, and traders are watching closely for any hints from Chair Powell during his press conference.

In light of these factors, Bitcoin's potential for substantial upside gains may be short-lived, and it could either experience another increase in the next few days followed by a correction or remain at its current level until after the FOMC meeting, at which point it might start to decline. Different analysts have varying views on the expectations surrounding the FOMC meeting.

What would you do with the rising price of Bitcoin? Are you going to invest in Bitcoin right now, or are you willing to wait to see what is going to happen in the coming weeks? I have seen more people invest now, and others have different opinions. What would you do? If you are buying bitcoin, you can buy here