- Bitcoin’s price briefly soared past $37,000 for the first time since May 2022, fueled by market optimism for the impending approval of spot Bitcoin ETFs in the US.
- The potential approval of 12 separate spot Bitcoin ETFs by November 17th has generated significant market anticipation, with a possible launch delay of a month or more.
A New Peak for Bitcoin Amid ETF Anticipation
In a notable financial development, Bitcoin (BTC) has reached a significant milestone, briefly surpassing the $37,000 threshold for the first time in 18 months. This surge in value reflects the growing optimism in the broader markets, particularly concerning the pending approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
The Surge in Bitcoin’s Value
Data gleaned from leading cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, confirmed that BTC/USD attained a peak of $37,073 at 7:47 AM Eastern Time on November 9. Concurrently, Bitcoin Futures echoed this bullish trend, with prices on the Chicago Mercantile Exchange (CME) climbing as high as $37,450 at 5:22 AM ET.
The Driving Force Behind the Surge
The upsurge in Bitcoin’s price is largely attributed to the anticipated approval of 12 separate spot Bitcoin ETFs in the upcoming week. Bloomberg ETF analysts James Seyffart and Eric Balchunas pointed out that the U.S. Securities and Exchange Commission (SEC) has until November 17th to decide on these high-profile offerings from notable U.S. fund managers.
However, even with the potential approval, there’s an expected delay of a month or more before these ETFs officially launch. This anticipation builds upon the broader context of the U.S. market, which has yet to see a spot Bitcoin ETF approved. Such an ETF would enable investors to gain indirect exposure to a financial product physically backed by BTC.
Spotlight on Grayscale’s Involvement
In parallel, Grayscale, the largest cryptocurrency asset manager in the U.S., is reportedly engaging directly with the SEC to transition its Grayscale Bitcoin Trust into a spot Bitcoin ETF. This move, if successful, would mark a significant milestone in the U.S. financial landscape, offering investors a new avenue to engage with Bitcoin.
As the market awaits these developments, the recent spike in Bitcoin’s price serves as a testament to the cryptocurrency’s enduring appeal and the keen interest of investors in the evolving landscape of digital assets.