Bitcoin surged more than 10% on Monday, briefly exceeding $34500 as people continued to be optimistic that exchange traded funds directly investing in the cryptocurrency would soon receive approval in the United States.
According to CoinDesk data, the largest cryptocurrency by market value, Bitcoin (BTCUSD), hit a high of $34616 on Monday, the highest level since May 2022, and then fell to around $33021 on Monday evening. Other major cryptocurrencies have also risen, with Ethereum rising 5.8% in the past 24 hours to reach $1763.
The Securities and Exchange Commission (SEC) has repeatedly rejected Bitcoin ETF applications in the past, citing the risk of market manipulation. But participants in the cryptocurrency industry expect this situation to change soon.
The US Court of Appeals issued an authorization on Monday, giving effect to its August ruling, which overturned the SEC's rejection of Grayscale
Bitcoin surged more than 10% on Monday, briefly exceeding $34500 as people continued to be optimistic that exchange traded funds directly investing in the cryptocurrency would soon receive approval in the United States.
According to CoinDesk data, the largest cryptocurrency by market value, Bitcoin (BTCUSD), hit a high of $34616 on Monday, the highest level since May 2022, and then fell to around $33021 on Monday evening. Other major cryptocurrencies have also risen, with Ethereum rising 5.8% in the past 24 hours to reach $1763.
The Securities and Exchange Commission (SEC) has repeatedly rejected Bitcoin ETF applications in the past, citing the risk of market manipulation. But participants in the cryptocurrency industry expect this situation to change soon.
The US Court of Appeals issued an authorization on Monday, giving effect to its August ruling, overturning the SEC's refusal to convert Grayscale Investments' Bitcoin Trust Product GBTC into an ETF. The final ruling on Monday confirmed Grayscale's victory.
At the same time, BlackRock's proposed Bitcoin ETF has been established on the Depository Trust& Clearing Corporation goes live. Although this does not necessarily mean that the ETF will be approved, it indicates that BlackRock is one step closer to bringing the fund to the market.