Bitcoin (BTC) recently experienced a significant milestone, surpassing the $37,000 threshold for the first time in 18 months. This surge in value reflects a broader market optimism, largely fueled by the anticipation of the potential approval of spot BTC exchange-traded funds (ETFs) in the United States.
Data from various cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, recorded the BTC/USD pair reaching a peak of $37,073 at 7:47 am Eastern Time on November 9. However, the price slightly dipped below this level shortly afterward.
In tandem with this, Bitcoin Futures also saw a notable increase, with the Chicago Mercantile Exchange (CME) reporting prices as high as $37,450 at 5:22 am ET. This recent price hike in Bitcoin is largely attributed to the expected approval of 12 separate spot Bitcoin ETFs within the coming week. Bloomberg ETF analysts, James Seyffart and Eric Balchunas, have highlighted that the U.S. Securities and Exchange Commission (SEC) has until November 17 to decide on these proposals from several leading U.S. fund managers.
While the cryptocurrency community is eagerly anticipating the approval of these BTC ETFs, Seyffart and Balchunas have also cautioned that there might be a delay of a month or more before these financial products are officially launched.
Adding to the excitement, Grayscale, the largest cryptocurrency asset manager in the U.S., is reportedly in talks with the SEC to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The approval of such a product would be a significant milestone for the U.S. market, as it would offer investors indirect exposure to a financial instrument directly backed by Bitcoin.