Bitcoin's Price is Pumping in the Past 24 Hours: Here's Why

2023-11-16 08:46:28

TL;DR

Bitcoin Price Increase: Bitcoin’s price rose to nearly $38,000 after a period of consolidation.
US SEC Delays and ETF Expectations: The SEC’s delay in deciding on a spot BTC ETF, including Hashdex’s proposal, might be fueling optimism that such a product would eventually go live in America.
Broader Market Interest: Major firms like BlackRock and Fidelity have shown interest in launching a spot BTC ETF in the US, indicating strong market enthusiasm and potential drivers for further Bitcoin growth.

After a couple of days of consolidation around the $35,000-$36,000 mark, Bitcoin’s price has once again headed north, hitting almost $38,000 (per CoinGecko’s data).

BTC Price, Source: CoinGeckoOne reason behind its ascend could be the renewed hopes that a spot BTC ETF might soon see the light of day in the United States of America

The US SEC recentlydelayedits decision on whether to approve Hashdex’s intention to convert its existing Bitcoin futures ETF into a spot fund. The agency had until November 17 to respond to the request.

“It’s really not that surprising, the SEC goes early on decisions like this fairly frequently,” said James Seyffart, an ETF analyst with Bloomberg Intelligence

In addition, America’s securities regulator delayed action on Grayscale’s application to introduce an Ether futures ETF

Numerous finance giants like BlackRock, Fidelity, and Invesco have also filed with the SEC to launch the first spot BTC ETF in America. The potential move is considered highly bullish for Bitcoin’s price and is expected to infuse overall enthusiasm in the entire digital asset sector.

Other factors that might play a key role in BTC’s probable jump in the future are the upcoming halving next spring, mass adoption, and increased interest from institutional investors.

Those willing to dive deeper into the matter and check five price forecasts coming from prominent figures can take a look at our video below:

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