Bitcoin price rally hits new 18-month record amid ETF buzz.
Key Takeaways
- Bitcoin price surpassed $37,000 on the back of market optimism about the upcoming Bitcoin ETF decision in the US.
- Bloomberg analysts highlight that there is a waiting period for the launch of these ETFs, even if they are approved within the SEC’s decision period.
Bitcoin, the number one cryptocurrency by market capitalization, A new milestone has been achieved by reaching $37,000..
This surge is due to the market’s optimistic outlook. Approval of multi-spot Bitcoin ETF pending from U.S. regulatorsIt is a development poised to bridge the gap between traditional finance and the burgeoning world of cryptocurrency.
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BitDegree’s market monitoring platform, including Bitcoin price charts, was highlighted. BTC rose to $37,073 at 7:47 a.m. ET on November 9..
at the same time, Bitcoin futures contracts also reflected this upward trend.The highest price on the Chicago Mercantile Exchange (CME) was recorded at $37,450.
This meeting is closely related to: Future approval of up to 12 different spot Bitcoin ETFs A verdict is awaited within the next week.
Bloomberg ETF experts James Seyffart and Eric Balchunas Confirmed November 17 This is the deadline for the U.S. Securities and Exchange Commission (SEC) to approve highly anticipated financial products.
Despite the excitement surrounding these developments, analysts cautioned: It may take a month or more for the ETF to officially launch.Assuming it is approved by the SEC.
Grayscale, the largest cryptocurrency asset manager in the United States, also actively cooperated with the SEC and entered the competition. Convert Grayscale Bitcoin Trust to a spot Bitcoin ETF.. This transition will be an important milestone. It provides investors with indirect exposure to Bitcoin. This is something the U.S. market has yet to experience with regulated, physically backed financial products.
The surge in Bitcoin’s value not only signals positive market sentiment, but also reflects investor expectations that cryptocurrencies will be integrated into existing investment vehicles. As the SEC considers its decision on these groundbreaking ETFs, their potential to strengthen and expand the cryptocurrency investment framework becomes more clear.
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