Bitcoin (BTC) briefly topped the $37,000 mark for the first time in 18 months as the broader market reflected optimism over the impending approval of a spot BTC exchange-traded fund in the United States.
Data from multiple cryptocurrency market platforms, including Cointelegraph Markets Pro and trading viewshowing BTC/USD hitting $37,073 at 07:47 ET on November 9 before falling back below that level.
Bitcoin’s recent price surge has been attributed to the pending approval of 12 separate spot Bitcoin ETFs next week. Bloomberg ETF analysts James Seyffart and Eric Balchunas said the SEC has a window until Nov. 17 to approve a series of high-profile offerings by prominent U.S. fund managers.
Despite the hype surrounding the potential approval of these highly anticipated Bitcoin products, two analysts also noted that there could be a delay of a month or more before the products actually launch.
At the same time, it is reported that Grayscale, the largest cryptocurrency asset management company in the United States, has also directly contacted the SEC, hoping to convert its Grayscale Bitcoin Trust Fund into a spot Bitcoin ETF. The United States has not yet approved a spot Bitcoin ETF. This product allows investors to have indirect exposure to financial products physically backed by BTC.
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