Sajad Nori | Unsplash
If something needs to be said, it is that the repercussions of the approval of Bitcoin ETF Spot have been one of the reasons why the price of BTC should experience a major bullish trend change. Although at the moment the market has not responded as expected.
Today we find a BTC priced at 42,324.21 US$ at the time of writing. The rebound began on January 26 when it had dropped below 40,000 US$; it even reached the mark of 38,600 US$ three days earlier according to CoinGecko data.
In these 24 hours we see that something is influencing its price to have a certain level of recovery, or at least activity. Its volume today remains between 14 and 16 billion dollars. In the following chart, the buying pressure can be appreciated through green candles, which clearly indicates that something is happening.
In my perception, it is still too early to anticipate a bullish growth. The volatility does not seem to be large enough to ensure that such behavior could occur in the short term, but I could consider a potential explosive movement soon just by looking at the chart and its pattern.
Everything indicates that the new Google policy update is responsible for this recent surge in Bitcoin. With this change, it is now allowed to use ads to promote financial products about cryptocurrencies on their search engine. This enables the business of digital currency trusts, although it should also be clarified that Bitcoin ETF at sight is included among these new measures.
This will undoubtedly make a difference in the way Bitcoin achieves greater reach and popularity, and it is not unreasonable to think that ETFs may have a significant impact.
However, it is clarified that the promotion of cryptographic coins must be done in accordance with and comply with the policy. In this case, advisors and advertisers must meet the imposed criteria and receive certification from Google.
Cryptocurrency Coin Trusts - Google's Policy
It is also clarified that there is no direct suspension in case of violating the policy, but a warning will be issued 7 days in advance to correct the inconvenience. In my opinion, this also adds a lot to the flexibility and access to new advertisers who, due to ignorance or error, fail to fully adhere to the policies to be respected.
I believe that doubts about Google's potential for greater reach are given by the daily search figures that are achieved. DemandSage estimates that there are about 8.55 billion searches made per day, which means that the reach is assured and this could greatly benefit the sector.
I believe everything has been said. We will see an increase in activity regarding the way products and services are advertised through Trusts. At the same time, we should see the impact of this, creating new opportunities in the cryptocurrency industry so that greater adoption of Bitcoin continues with a new bullish trend.
Not everything will happen as we expect. Things take time and it seems that everything is gradually heading in the right direction, or at least getting closer to triggering the catalyst that will finally bring the moment of glory and growth that Bitcoin deserves, and obviously its direct repercussion on the rest of the most influential cryptocurrencies of all time.
- I have consulted information in cryptopotato.com.
- I have used Hive Translator to translate from Spanish to English.
- Main image edited in Canva.