The Price of Bitcoin Surges Above $38,000
Bitcoin’s price has reached over $38,000 for the first time since April 2022. The cryptocurrency has experienced a rally over the past three months, breaking out of its previous range between $26,000 and $28,000. It has come close to the $38,000 mark twice this month before finally surpassing it today. As of now, Bitcoin’s current price is around $38,300.
Other cryptocurrencies are also seeing price gains today. Ether is up 3.5%, Cardano is up 3.4%, and Dogecoin is up 3.5%. Ether’s price has increased by 10% in the last week.
Progress on Spot Bitcoin ETF Applications
There has been progress on spot Bitcoin ETF applications recently. Grayscale Investments met with officials from the Securities and Exchange Commission (SEC) to discuss potential listing matters for their Bitcoin trust product. They are seeking to convert it into a spot Bitcoin ETF and have filed an updated prospectus following the meeting.
The SEC also had a meeting with BlackRock and Nasdaq employees regarding spot Bitcoin ETFs. Additionally, prospective issuers Ark Invest and 21 Shares have made amendments to their prospectus this week.
About the Author
Tim is the Editor-In-Chief of The Block. He has previous experience as a news editor at Decrypt and holds a bachelor’s degree in philosophy from the University of York. Follow him on Twitter @Timccopeland.
Hot Take: Bitcoin Hits a Milestone as Price Soars
Bitcoin’s price surge above $38,000 is a significant milestone for the cryptocurrency. After months of consolidation, Bitcoin has broken out of its previous range and is now on an upward trajectory. This rally not only impacts Bitcoin but also other cryptocurrencies like Ether, Cardano, and Dogecoin, which are experiencing price gains as well. The progress made on spot Bitcoin ETF applications further supports the growing acceptance and integration of cryptocurrencies in traditional financial systems. As Bitcoin continues to gain traction and reach new heights, it reinforces its position as a leading digital asset in the market.
By
By
By
By
By