Bitcoin Hits $37,000 for the First Time Since Terra’s Crash
Bitcoin has surged past $37,000 per coin, reaching a level not seen since the crash caused by the implosion of crypto megaproject Terra 18 months ago. At the time of writing, Bitcoin was trading at $37,278, marking a 5% increase in just 24 hours and a 35% increase in the past 30 days.
This surge comes after Bitcoin was trading at under $17,000 per coin at the start of the year, representing a 124% increase. However, it is still far below its November 2021 all-time high of $69,044 per coin.
Possible Reasons for the Surge
One possible reason for this price surge could be optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF). Several major Wall Street firms have applied to release their own investment vehicle that would give investors exposure to Bitcoin through shares tracking its price.
BlackRock and JP Morgan analysts have both filed applications and predicted that a spot Bitcoin ETF could be approved by the SEC as soon as January 2024. This would mark a significant shift after 10 years of rejections from the SEC for Bitcoin ETF applications.
The Wider Crypto Market
In addition to Bitcoin’s surge, other major coins and tokens also experienced increases. Solana jumped over 10%, reaching $47.68, while Chainlink increased by more than 11%, trading at $15.51. The entire crypto market cap saw a 3.5% increase today, reaching $1.44 trillion.
Hot Take: Bitcoin Continues to Surge Amid Optimism for ETF Approval
The surge in Bitcoin’s price to over $37,000 per coin reflects growing optimism around the potential approval of a spot Bitcoin exchange-traded fund (ETF). If approved, this investment vehicle would give investors exposure to Bitcoin through shares tracking its price. The wider crypto market also saw significant increases in other major coins and tokens.
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