Bitcoin has surged beyond $38,000 on the Bitgamo cryptocurrency exchange as the leading digital currency continues to gain momentum, driven by optimism surrounding the introduction of a spot exchange-traded fund (ETF).
At the time of this report, BTC is trading at $37,682 on Bitgamo, which is notably higher compared to around $34,300 on other major exchanges like Binance and Coinbase.
Founded in 2020, Bitgamo has made significant inroads in the cryptocurrency market. In the past month, the platform unveiled plans to deploy 75 cryptocurrency ATMs throughout Europe by 2024.
Bitgamo claims that it can offer more attractive rates through a strategy that involves redistributing cryptocurrencies to various regions worldwide, particularly in the Middle East and countries with less cryptocurrency-friendly regulations.
“This is made achievable through Bitgamo’s extensive network of reliable third-party partners, enabling the exchange to provide superior exchange rates while facilitating access to cryptocurrencies for individuals in these regions,” the platform stated in a recent announcement.
Bitgamo Provides a Non-KYC Cryptocurrency Exchange.
Bitgamo has adopted a no-KYC (Know Your Customer) exchange policy as well. The platform asserts that, being based in Luxembourg, it is not under legal obligation to demand KYC documentation from customers during cryptocurrency transactions, given the jurisdiction’s classification of cryptocurrencies as commodities.
Bitgamo goes a step further by categorizing cryptocurrencies as commodities, thereby enabling users to engage in cryptocurrency sales even in nations with stringent cryptocurrency regulations, affording increased adaptability and accessibility.
Notably, the platform has garnered favorable customer feedback, with over 90% of its reviews on the business review website Trustpilot being positive.
Bitcoin surges as optimism regarding the introduction of a spot ETF grows.
The leading cryptocurrency has reached its highest point in 17 months, driven by the potential for a spot ETF.
During a recent interview, Paul Grewal, the Chief Legal Officer of Coinbase, expressed confidence that the SEC is on the verge of approving a spot Bitcoin ETF.
He emphasized the recent court ruling that dealt a blow to the SEC, contending that the regulatory body lacked sufficient grounds to reject Grayscale’s proposal to transform its GBTC Bitcoin fund into an ETF.
Simultaneously, experts in the cryptocurrency field anticipate substantial growth potential for the leading cryptocurrency should a spot Bitcoin ETF receive approval.
In line with this, the crypto financial services platform Matrixport has foreseen a significant Bitcoin upswing upon the introduction of a spot ETF.
Drawing a comparison to precious metals ETFs, which hold a market capitalization of approximately $120 billion, Matrixport speculated that if 10-20% of precious metals ETF investors opt to diversify into a Bitcoin ETF as a safeguard against currency devaluation and inflation, we could witness an influx of $12 to $24 billion into the Bitcoin ETF.