Leading cryptocurrency has finally reclaimed $37,000 level, traders' eyes glued to charts
The world's biggest cryptocurrency, Bitcoin, has smashed the $37,000 price tag, hitting an 18-month high. Since Tuesday, this is a nearly 5% rise over the past 24 hours.
At the time of this writing, BTC is trading at the $37,670 level, coming close to $38,000.
The explosive rise of the flagship crypto's price can be attributed to the heated expectations of the U.S. regulator SEC's likelihood of approving Bitcoin spot ETFs this year, as this "window" opens today, according to Bloomberg analysts.
The financial news giant wrote that a "brief window" for the SEC to approve all 12 BTC-based spot ETFs, including that of Grayscale, starts today, Nov. 9.
As reported by U.Today earlier, Bloomberg analyst James Seyffart believes that the SEC may greenlight an ETF based on Bitcoin by Jan. 10 with a 90% likelihood.
Among the companies that filed for ETFs is the world's biggest fund management firm, BlackRock, run by Larry Fink, with nearly $9 trillion worth of assets in management. Among the other applicants who want to launch their Bitcoin ETFs are Ark Investments, VanEck and Fidelity; all are major Wall Street companies.