The world’s largest cryptocurrency, Bitcoin, has surged past the $37,000 price threshold, reaching an 18-month high. Over the last 24 hours, Bitcoin has recorded a nearly 5% increase, and as of the current moment, it is trading at around $37,670, with the $38,000 mark within close reach.
The remarkable upswing in the cryptocurrency’s value can be attributed to heightened expectations surrounding the potential approval of Bitcoin spot ETFs by the U.S. regulatory body, the SEC, this year. According to analysts at Bloomberg, a “brief window” for the SEC to greenlight all 12 Bitcoin-based spot ETFs, including Grayscale’s, has opened today, November 9.
As previously reported by U.Today, Bloomberg analyst James Seyffart believes that there is a 90% likelihood the SEC will approve a Bitcoin ETF by January 10.
Notable among the companies seeking ETF approval are BlackRock, the world’s largest fund management firm, overseen by Larry Fink and managing nearly $9 trillion in assets. Additionally, major Wall Street entities such as Ark Investments, VanEck, and Fidelity have applied to launch their own Bitcoin ETFs.