Bitcoin Crosses $37,000 Amid Anticipation of U.S. Spot BTC ETF Approvals
Summary:
Bitcoin (BTC) briefly crossed the $37,000 mark for the first time in 18 months amid optimism surrounding the imminent approval of spot BTC exchange-traded funds (ETFs) in the U.S. The current price surge is tied to the potential green-lighting of a dozen standalone Bitcoin ETFs in the coming week. Meanwhile, Grayscale, the largest cryptocurrency asset manager in the U.S., is reportedly in talks with the SEC to convert its Bitcoin Trust into a spot Bitcoin ETF.
Bitcoin (BTC) momentarily eclipsed the $37,000 threshold, a high not seen in a year and a half, buoyed by the overall market positivity surrounding the imminent approval of spot BTC exchange-traded funds (ETFs) in the USA. Market data from various platforms, like Cointelegraph Markets Pro and TradingView, indicate BTC/USD reached $37,073 at 07:47 EST on Nov 9, before dipping below this level again. The latest surge in Bitcoin's price is being linked to the potential approval of a dozen standalone Bitcoin ETFs within the next seven days. Bloomberg ETF analysts James Seyffart and Eric Balchunas state the SEC has until Nov 17 to green-light several offerings from leading U.S. fund managers. While the expected approval of these eagerly awaited BTC products has created quite a stir, both analysts have also pointed out that there could be a delay of 30 days or even more before these offerings are actually available. In other news, Grayscale, the U.S.'s largest cryptocurrency asset manager, has apparently started negotiations with the SEC in its efforts to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The U.S. is still waiting for the approval of its first spot Bitcoin ETF, a product that gives investors the opportunity for indirect exposure to a financial asset backed by physical BTC. Magazine: Inside the Bitcoin Revolution in Cuba: a field report.
Published At
11/9/2023 1:10:59 PM
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