bout two years ago, [crypto](http://pubads.g.doubleclick.net/gampad/clk?id=5703845201&iu=/7138/FXS30) prices topped out.Bitcoin (BTC) almost got to $70,000.Then things got bad, then they got worse and then they got cataclysmic.BTC sank toward $15,000 in the aftermath of FTX’s blow-up.Prices have rebounded for most of 2023, but these felt like hard-won gains – rallies were quickly followed by setbacks.By mid-October, bitcoin was around $27,000.And then the market caught fire, fueled by optimism over bitcoin ETFs and sinking interest rates.[Bitcoin](http://pubads.g.doubleclick.net/gampad/clk?id=5703293170&iu=/7138/FXS30) just hit $45,000 on Coinbase.
It had only just managed to surpass $40,000 a few days ago, a level last seen in early 2022.Bitcoin’s price since 2021 (CoinDesk) A crypto-skeptic friend texted me Tuesday saying he was about to buy more bitcoin.A colleague says he’s hearing from people wondering about crypto.Will this last? Is crypto making a move toward mainstream territory again? To the disappointment of my father, who has asked me for forecasts throughout my two-decade career covering markets and finance, I have no idea.
But I know it’s been two years since the mood in crypto markets felt this ebullient – before the collapses of Celsius, Voyager, Three Arrows Capital, FTX, Genesis … FOMO (you know, “fear of missing out”) maybe mixed with a dose of YOLO (“you only live one”) seems to be back.Wall Street is coming to crypto How things got this enthusiastic is not hard to fathom.It really is a big deal that Wall Street heavyweights BlackRock, Fidelity and Franklin Templeton are trying to list bitcoin ETFs in the U.S.Anyone with a plain vanilla brokerage account should be able to buy these products, if they’re approved by regulators – and all signs point to approval being likely soon.That’s easier and probably more realistic for regular Americans than setting up a [Coinbase](https://www.fxstreet.com/cryptocurrencies/exchange-listing) account or, heaven forbid, figuring out how a decentralized exchange or MetaMask work.So, BlackRock, Fidelity and Franklin Templeton’s sales and marketing heft looks poised to be behind bitcoin ETFs.
It’s not crazy to think that will bring a lot of money into crypto.Whether that creates a sustainable rally is up for debate.
Here’s what else is on my mind A rocky debut: After FTX fell apart, many folks wondered if something bad was going to happen to its bigger rival, Binance.U.S.regulators and law enforcement seemed to be circling.We got our answer recently: The [crypto exchange](https://www.fxstreet.com/cryptocurrencies/resources/brokers-best-cryptocurrencies-exchanges) agreed to pay $4.3 billion to settle several U.S.
investigations.Changpeng “CZ” Zhao stepped down as CEO.For all the angst in the run-up to this, though, the industry has taken it in stride.Anyway, CZ’s replacement, Richard Teng, just had his first big public interview, and it was not a smooth debut, according to CoinDesk’s Helene Braun.
He came across as evasive.The company never says where it’s based, and Teng was opaque about that and other issues.
The question is whether this matters.Maybe traders don’t care if the world’s biggest crypto exchange is evasive? Crypto’s best correlation: It’s become a cliché: Elon Musk says or does something, and it moves the price of dogecoin (DOGE), the meme coin he’s long loved.It just happened again.A regulatory filing shows he’s trying to raise $1 billion for his AI efforts.DOGE immediately surged.
One of the strangest correlations in markets persists.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever.Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities.CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.[Join Telegram](https://t.me/fxstreetcrypto) Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks [Dogecoin price bullish outlook intensifies as DOGE turns 10](https://www.fxstreet.com/cryptocurrencies/news/dogecoin-price-bullish-outlook-intensifies-as-doge-turns-10-202312060200) [](https://www.fxstreet.com/cryptocurrencies/news/dogecoin-price-bullish-outlook-intensifies-as-doge-turns-10-202312060200) Dogecoin price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat.
The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.[More Dogecoin News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Dogecoin) [Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-based-meme-coin-ordi-price-action-wobbles-after-1-100-rally-202312060201) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-based-meme-coin-ordi-price-action-wobbles-after-1-100-rally-202312060201) The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status.ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly.But not for long.[More Ordi News](https://www.fxstreet.com/cryptocurrencies/news?q=Ordi&hPP=15&idx=FxsIndexPro&p=0) [Arbitrum price veers as hard fork proposal receives 99.84% votes in favor](https://www.fxstreet.com/cryptocurrencies/news/arbitrum-price-veers-as-hard-fork-proposal-receives-9984-votes-in-favor-202312060126) [](https://www.fxstreet.com/cryptocurrencies/news/arbitrum-price-veers-as-hard-fork-proposal-receives-9984-votes-in-favor-202312060126) Arbitrum’s price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours.
This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.[More Arbitrum News](https://www.fxstreet.com/cryptocurrencies/news?q=Arbitrum&hPP=15&idx=FxsIndexPro&p=0) [Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-hits-44-000-as-coinbase-ceo-speculates-btc-could-be-key-to-extending-western-civilization-202312052359) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-hits-44-000-as-coinbase-ceo-speculates-btc-could-be-key-to-extending-western-civilization-202312052359) Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem.Its foray above the $42,000 psychological level has market watchers enthused.
[More Bitcoin News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Bitcoin) [Analyzing potential $30k corrections ahead of BTC ETF approval](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-analyzing-potential-30k-corrections-ahead-of-btc-etf-approval-202312011210) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-analyzing-potential-30k-corrections-ahead-of-btc-etf-approval-202312011210) Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level.After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-analyzing-potential-30k-corrections-ahead-of-btc-etf-approval-202312011210).
