This is the first time that the price of Bitcoin has exceeded $37,000 since May 2022.
For the first time in eighteen months, Bitcoin (BTC tickers down $36,390) briefly crossed the $37,000 barrier as general market optimism about the impending approval of spot BTC exchange-traded funds (ETF) in the US is evident.
Data from a number of cryptocurrency market platforms, such as TradingView and Cointelegraph Markets Pro, revealed that on November 9 at 7:47 am Eastern Time, BTC/USD reached $37,073 before falling back below that level.
Bitcoin Futures were also trading over $37,000 soon after, with price data from the Chicago Mercantile Exchange (CME)Â going as high as $37,450 at 5:22 am ET.
The possibility of 12 different spot Bitcoin ETFs being approved over the course of the next week has been blamed for the most recent spike in the price of bitcoin. The U.S. Securities and Exchange Commission (SEC) has until November 17 to approve a number of high-profile offerings from well-known U.S. fund managers, according to Bloomberg ETF analysts James Seyffart and Eric Balchunas.
Although there has been a lot of excitement surrounding the possible approval of these eagerly awaited Bitcoin products, both analysts have also pointed out that there may be a delay of one to three months before these offerings actually go live.
The biggest cryptocurrency asset manager in the United States, Grayscale, has reportedly also asked the SEC directly to convert its Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF). A spot Bitcoin ETF, which would give investors indirect exposure to a financial instrument that is physically backed by Bitcoin, has not yet been approved in the United States.