Approval of ETF applications could pave way for investors into digital assets market
Bitcoin saw its price climbing over $37,000 on Thursday for the first time in 18 months with optimism about regulatory approvals and growing interest of investors.
The price of the world’s biggest cryptocurrency surged over 4% to climb as high as $37,104 at 8.53 a.m. EDT (1353GMT) to reach its highest level since May 5, 2022, according to official figures.
Ethereum, the world’s biggest altcoin by market value, also rose to as much as $1,929 at the time highest since July 17, 2023.
Some altcoins saw their prices soar almost 14% in the past 24 hours, according to data from the digital asset price-tracking website CoinMarketCap.
The total value of the crypto market was up 3.3% to $1.38 trillion at the time, while Bitcoin’s share of the crypto market, known as dominance, was at 52.4%, showed the data.
The recent rally is fueled by exchange-traded funds (ETFs) getting regulatory approval in the US and growing interest of professional investors in the cryptocurrency.
Investors and crypto enthusiasts hope that the US’ Securities and Exchange Commission (SEC) would begin to adopt a more positive attitude towards cryptocurrencies, starting by providing regulatory approvals to ETFs.
The SEC said Wednesday it is open to begin spot Bitcoin ETF talks with Grayscale Investments, an American digital currency asset management company.
The approval of ETF applications by crypto investment firms could pave the way for general investors into digital assets market.