Bitcoin Price Rises to Nearly $38,000
Bitcoin’s price has surged once again, reaching almost $38,000 after hovering around the $35,000-$36,000 range for a few days, according to CoinGecko.
US SEC Delays and ETF Expectations
The US SEC has postponed its decision on Hashdex’s proposal to convert its Bitcoin futures ETF into a spot fund. This delay, along with similar postponements for Grayscale’s Ether futures ETF, has sparked optimism that a spot BTC ETF could soon become a reality in the US. Many major financial institutions like BlackRock and Fidelity have also expressed interest in launching a spot BTC ETF in the US, contributing to positive market sentiment and potentially driving further Bitcoin growth.
James Seyffart, an ETF analyst with Bloomberg Intelligence, commented on the SEC’s decision, stating that it was not surprising as the agency frequently delays decisions on such matters.
Broader Market Interest
In addition to Hashdex’s proposal, other finance giants like BlackRock, Fidelity, and Invesco have filed applications with the SEC to introduce the first spot BTC ETF in America. The potential approval of these proposals is seen as highly favorable for Bitcoin’s price and is expected to generate excitement across the digital asset sector.
Other factors that could contribute to Bitcoin’s future price increase include the upcoming halving next spring, increased institutional investor interest, and widespread adoption of the cryptocurrency.
To learn more about Bitcoin price forecasts from industry experts, you can watch our video below:
Hot Take: Bitcoin Price Increase
TL;DR
- Bitcoin Price Increase: Bitcoin’s price rose to nearly $38,000 after a period of consolidation.
- US SEC Delays and ETF Expectations: The SEC’s delay in deciding on a spot BTC ETF, including Hashdex’s proposal, might be fueling optimism that such a product would eventually go live in America.
- Broader Market Interest: Major firms like BlackRock and Fidelity have shown interest in launching a spot BTC ETF in the US, indicating strong market enthusiasm and potential drivers for further Bitcoin growth.
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