The Bitcoin price has risen as high as $38,012 (on Binance), recording a marginally higher high. Here are the main reasons for the latest surge in BTC price.
#1 Euphoria Over Potential ETF Approvals
The crypto market has been electrified by the possibility of the US Securities and Exchange Commission (SEC) approving several spot Bitcoin ETFs. With the approval window having opened on November 9 until Friday (November 17), experts like James Seyffart and Eric Balchunas from Bloomberg estimate a 90% chance of approval for multiple filings by January 10, 2024, the final deadline for Ark Invest’s filing.
Remarkably, the SEC is facing a significant deadline cluster, with three applications for spot ETFs from Franklin Templeton and Hashdex (due November 17), and GlobalX (due November 21) awaiting decisions. Amidst this tense backdrop, Hashdex emerged as the first to encounter a delay, as the SEC postponed their decision on the conversion from a futures ETF to an ETF that holds both futures
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