Bitcoin crosses $36,000 on ETF approval hopeswritten by Bella Palmer
This price gain marks an 18-month high for the digital asset, as expectations of an approval for a spot bitcoin ETF intensify
Bitcoin (BTC-USD) has breached the $36,000 level, and at one point ranged near $37,000 in the past 24 hours, as investors expect that a spot bitcoin exchange-traded fund (ETF) will be approved soon.
The world's biggest digital asset in terms of market capitalisation is now trading at $36,650, according to data from Coingecko. This price gain marks an 18-month high for the digital asset, as expectations of an approval for a spot bitcoin ETF intensify.
Bitcoin hit its highest level since May 2022, advancing around 4 per cent during the last 24 hours. The digital asset's rally has brought many smaller altcoins along with it. Ether (ETH-USD), the second biggest digital asset in terms of market capitalisation, rose more than 2 per cent during the last 24 hours. Other altcoins, like solana (SOL-USD) and cardano (ADA-USD) also advanced, rising nearly 1 per cent and 3 per cent respectively.
The latest market activity has been led by expectation that the US SEC will soon approve a spot bitcoin exchange-traded fund.
On Thursday, a window opened for the Securities and Exchange Commission to “theoretically issue approval orders,” as per a note by Bloomberg Intelligence analysts James Seyffart and Eric Balchunas.
A brief window opens on November 9 for the Securities and Exchange Commission to potentially approve all 12 US spot bitcoin ETF applicants, including Grayscale's GBTC. It will be open for at least eight days. Even if approvals do not arrive this month, we still believe there is a 90 per cent possibility of approval by January 10, according to the Bloomberg analysts.
A spot bitcoin ETF is a financial product that investors hope will open the gateway for mainstream adoption of crypto currencies resulting in capital flow to the crypto market.
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