Bitcoin surged to more than $36,000, its highest level in 1.5 years, as expectations intensified for exchange-traded funds to be approved to invest in the largest crypto-token ETF.
About this informs Bloomberg.
Bitcoin rose 3.6% to $36,856 on November 9, its highest level since May 2022, it said. Smaller tokens Ether gained 2.2% and Solana gained 3.2%.
The US Securities and Exchange Commission vf’ a short period of time, at least eight days, in order to to approve the opening of spot cryptocurrency ETFs – exchange-traded funds, the price of which will be tied to bitcoin.
“Even if approval doesn’t come this month, we still think there is a 90% chance of approval by January 10,” Bloomberg Intelligence analysts James Seyfarth and Eric Balchunas wrote.
It adds that optimism about a possible regulatory approval after more than a decade of discussion has strengthened the token’s price by more than 120% this year.