The price of Bitcoin (BTC) has surged past the $37,000 mark for the first time in 18 months, reflecting the broader market’s optimism about the pending approval of spot BTC exchange-traded funds (ETF) in the United States. The surge was a result of data from various cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, which showed BTC/USD hitting $37,073 at 7:47 am Eastern Time on Nov. 9 before retracting below the mark. Additionally, Bitcoin Futures were also trading over $37,000, with price data from the Chicago Mercantile Exchange (CME) reaching as high as $37,450 at 5:22 am ET.
The recent surge in Bitcoin’s price has been linked to the potential approval of 12 separate spot Bitcoin ETFs in the coming week. Bloomberg ETF analysts James Seyffart and Eric Balchunas believe that the U.S. Securities and Exchange Commission (SEC) has a window until Nov. 17 to approve a number of high-profile offerings from prominent U.S. fund managers.
However, while the potential approval of these highly-anticipated BTC products has garnered significant attention, both analysts have also cautioned that there could be a lag time of a month or more before these offerings actually launch. Despite the excitement surrounding the approval of Bitcoin ETFs, the U.S. is yet to see a spot Bitcoin ETF approved, which would allow investors to gain indirect exposure to a financial product that is physically backed by BTC.
In addition to the potential approval of Bitcoin ETFs, Grayscale, the largest cryptocurrency asset manager in the U.S., has reportedly engaged with the SEC to convert its Grayscale Bitcoin Trust to a spot Bitcoin ETF. This further illustrates the growing interest and anticipation for the approval of Bitcoin ETFs in the U.S.
The surge in Bitcoin’s price and the anticipation surrounding the potential approval of Bitcoin ETFs indicate a significant shift in the cryptocurrency market and highlight the growing acceptance and integration of cryptocurrencies within mainstream financial markets. As cryptocurrencies continue to gain traction among institutional investors and traditional financial institutions, the approval of Bitcoin ETFs in the U.S. could mark a major milestone for the digital asset industry.
It is important to note that while the approval of Bitcoin ETFs holds significant potential for the crypto market, there is still uncertainty about the timeline and actual impact of these approvals. Investors and market observers will continue to monitor the developments closely as the cryptocurrency market evolves and adapts to the changing regulatory landscape.