Another Big Bitcoin Price Rise – Key News Already This Week?

Another Big Bitcoin Price Rise – Key News Already This Week?
Another Big Bitcoin Price Rise – Key News Already This Week?

The price of the most famous cryptocurrency Bitcoin (BTC) strengthened by another in the last 24 hours 4 percentwhich meant a level jump $36,700. This is the highest BTC price since May 6, 2022.

Other cryptocurrencies also respond with growth, but less pronounced. Ethereum jumped above the level 1900 USDwhen it rose more than 2 percent.

According to the CoinGlass portal, the short squeeze also contributed to the growth of the BTC price, which was contributed by the liquidation of short positions on exchanges worth up to 121 million dollars in the last 24 hours. In total, including long positions, almost USD 150 million worth of positions were liquidated in the last 24 hours.

What’s behind the latest growth?

Once again, the main reason for the increase in the price of BTC seems to be speculation about a possible approval spot Bitcoin ETF.


The digital economy is once again at a crossroads as the US Securities and Exchange Commission (SEC) faces a decision that could change the future of cryptocurrencies. In the next eight days there may be a historic moment of approval up to 12 requests about the launch of Bitcoin ETF funds, which would open the door to the world of traditional financing for investments in cryptocurrencies. This was pointed out by Bloomberg analysts Eric Balchunas and James Seyffart.

First window of opportunity for ETF approval

James Seyffart and Eric Balchunas pointed out on the social network Twitter (X) that in the period from November 9 to November 17 the SEC has the opportunity to approve all spot Bitcoin ETF applications filed including Grayscale’s GBTC product conversion. While this is only one option for ETF approval, and the SEC may once again defer verdicts on all applications, Seyffart and Balchunas have once again added fuel to the fire.

“The deferrals issued by the SEC to BlackRock, Bitwise, VanEck, WidsomTree, Invesco, Fidelify and Valkyrie were issued at the same time. If the SEC wants to allow all 12 requests, which we believe, this is the first (time) window since Grayscale’s court victory was confirmed,” Seyffart pointed out.

The Bloomberg analyst thereby recalled a key event regarding spot ETFs and thus Grayscale’s victory in a lawsuit in which the firm accused the SEC of wrongfully refusing to convert its investment product Grayscale Bitcoin Trust (GBTC) to the spot ETF, in which the court eats proved right.

Infographic: All current applications for spot ETFs and data for deadlines (SEC decision on the matter) including the final deadline.


Dozens of rejections, but hope dies last

The history of Bitcoin ETFs is littered with many setbacks, with the SEC rejecting dozens of similar applications in the past. But now there may be a tipping point, thanks to Grayscale’s recent court victory, which may be a signal to other suitors, and also to the fact that the biggest management giant BlackRock is applying for the ETF, which probably wouldn’t have entered the game without feeling a chance of success.

As a reminder, BlackRock has a 575:1 ETF application success rate.

Grayscale is in negotiations with the SEC

While the crypto community eagerly awaits the verdict, Grayscale has already started talks with the SEC about converting its aforementioned GBTC product to a Bitcoin ETF, according to a report from CoinDesk on November 9.

All this points to increased chances of approval, which could come according to Balchunas and Seyffart up to s 90% probability before January 10, 2024.

Optimism in the market is growing

As the chances of Bitcoin ETF approval increase, so does optimism in the crypto market, where Bitcoin has seen a more than 30% increase in the last three months. This rally may herald another bull market, although not all analysts are convinced of its long-term sustainability. Developments in the global economy and the constant threat of recession in the USA can be particularly risky for BTC. On the contrary, in addition to the topic of the spot ETF, the approaching halving (April 2024), which historically helped BTC to new record highs, plays into the cards for BTC. The current ones are set to $69,000.

Source: Twitter (X), Author,

The article is in Czech

Tags: Big Bitcoin Price Rise Key News Week


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