Bitcoin rose early on Monday, reaching its highest level since mid-July, as speculation persisted about the approval of a spot Bitcoin ETF in the United States.
The top cryptocurrency reached a high of $30,928 before retreating and was trading around $30,600 at press time, still up 2.2%. According to statistics, the coin currently accounts for 49.6% of the entire cryptocurrency market Coin Gecko.
Bitcoin has gained 9.8% in the past seven days, its biggest weekly gain since June, and based on historical data, the likelihood of a rise of an average of 10% over the next month has increased. According to Bloomberg.
The rally comes as traders begin to hope that the U.S. Securities and Exchange Commission will approve a spot Bitcoin ETF before the end of the year. Although the agency has not yet approved such a product in the United States, TradFi giants such as BlackRock and Fidelity have submitted applications to create such products.
In August, the U.S. Securities and Exchange Commission faced a setback in its attempt to fend off Bitcoin-based financial products that give investors physical exposure to Bitcoin’s price movements. The appeals court ruled that the agency’s rejection of crypto asset manager Grayscale’s application for a Bitcoin ETF was “arbitrary and capricious.” Earlier this month, the regulator dropped plans to appeal the ruling, according to multiple reports.
The launch of a spot Bitcoin ETF in the United States could prompt an influx of funds into the cryptocurrency market and could push the price of Bitcoin to new heights. Rumors that BlackRock’s spot Bitcoin ETF application had been approved (which later turned out to be false) have pushed the cryptocurrency higher by thousands of dollars.
analyst JPMorgan It is expected that the spot Bitcoin ETF may be approved on January 10. But while traders wait for approval of Bitcoin investment products, some have put cash into existing institutional investment products, investing $55.3 million last week.Bitcoin, according to CoinShares Report.
The bets of some Bitcoin believers are already paying off. Michael Saylor’s MicroStrategy holds Bitcoin at an average purchase price of $29,582 as of its most recent purchase, Generated approximately $160 million in revenue due to the recent price surge.
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