Bitcoin Surpasses $37,000
Bitcoin (BTC) has briefly exceeded the $37,000 mark, reaching its highest point in 18 months. This surge in price comes as the wider market shows optimism over the pending approval of spot BTC exchange-traded funds (ETFs) in the United States. BTC/USD hit $37,073 at 07:47 EST on November 9, before dropping below that level.
Bitcoin Futures Also Soar
Bitcoin Futures have also experienced a surge in value, trading over $37,000. The Chicago Mercantile Exchange (CME) reported that the price went as high as $37,450 at 5:22 am EST. This upward trend in cryptocurrency prices is seen as a positive sign for the pending approval of Bitcoin ETFs.
Pending Approval of Bitcoin ETFs
The recent increase in Bitcoin's price is largely attributed to the pending approval of 12 separate spot Bitcoin ETFs in the coming week. Analysts from Bloomberg ETF, James Seyffart and Eric Balchunas, have stated that the U.S. Securities and Exchange Commission (SEC) has until November 17 to approve several high-profile offerings from major U.S. fund managers. However, there may be a delay of a month or more before these offerings are actually launched.
Grayscale Engages with the SEC
Grayscale, the largest cryptocurrency asset manager in the U.S., has reportedly been in direct communication with the SEC as it seeks to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. Despite its popularity, the U.S. has not yet approved a spot Bitcoin ETF. This type of offering allows investors to indirectly access a financial product that is physically backed by BTC.
In Conclusion
The recent surge in Bitcoin's price and the optimism surrounding pending spot Bitcoin ETF approvals have sparked excitement in the cryptocurrency market. Investors are keeping a close eye on the SEC's decision, which could have a significant impact on the future of Bitcoin trading in the U.S.
