In a significant move, Bitcoin surged above $26,000, marking a milestone for the cryptocurrency this month. Franklin Templeton's ETF application for spot Bitcoin triggered fresh investor interest, fueling speculation about a potential influx of traditional finance into the market.
Despite regulatory skepticism, major financial institutions like Grayscale, BlackRock, and Fidelity are pressuring the SEC for ETF approval. This development spurred a positive response in spot markets, driving Bitcoin's gains to 5.5% for the week. However, concerns loom over potential price pressure due to the US court's approval for bankrupt exchange FTX to sell $3.4 billion in crypto assets. Solana (SOL) notably resisted this, surging 2.7% against the USD. Meanwhile, Bitcoin dominance remains stable at 50%, with the global crypto market cap at $1.04 trillion.