The price of the cryptocurrency bitcoin is rising significantly on Thursday. In the afternoon, it briefly exceeded the threshold of $37,750 (almost CZK 865,000), which is the highest since last May. According to analysts, the information that the US Securities and Exchange Commission is considering 12 requests for authorization of spot bitcoin exchange-traded funds (ETFs) by next Friday is likely to have an impact.
London
5:43 p.m November 9, 2023
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Bitcoin (Illustrative Photo) | Photo: Dado Ruvic/Illustration | Source: Reuters
According to CoinDesk’s source, the commission has begun negotiations with Grayscale on the details of its request to convert the GBTC product into a spot bitcoin ETF.
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Shortly before 3:30 p.m. CET, Bitcoin had gained over six percent over the past 24 hours and was hovering around $37,547, according to CoinDesk. At the same time, the price of the second largest cryptocurrency, ethereum, showed a growth of 2.7 percent to about $1,941.
Interest in Bitcoin is fueling expectations that approval of Bitcoin ETFs is imminent in the United States. Since the beginning of this year, bitcoin has gained over 120 percent, but it is still significantly weaker against the peak of almost 69 thousand dollars from the end of 2021.
Bloomberg analysts James Seyffart and Eric Balchunas they state, that approval of all applications by next Friday is only a possibility. But they believe that they will be approved by January 10 with a 90 percent probability.
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