Bitcoin has surged past the $37,000 mark for the first time in 18 months, following the implosion of the crypto megaproject Terra. It is now up over 124% from its price at the start of the year, but still well below its November 2021 all-time high of $69,044 per coin. The surge is likely due to optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission. Momentum for a Bitcoin ETF gathered earlier this year when BlackRock, the world’s largest asset manager, filed its own application. Other major coins and tokens were also up today, with Solana and Chainlink jumping by over 10% and 11% respectively. The entire crypto market cap was up 3.5% today, touching $1.44 trillion.
This is good news for cryptocurrency investors, as the rise in value of Bitcoin and other cryptoassets signals a renewed confidence in the space. If the Bitcoin ETF is approved, it could be the SEC’s first approval after 10 years of rejecting Bitcoin ETF applications. It would give investors exposure to the biggest cryptocurrency via shares that track its price.
You can read more about this topic here: Decrypt: Bitcoin Soars Past $37,000, Touching 18-Month High on ETF Optimism