Bitcoin increases 3.6 percent to 18-month high
Date
11/12/2023 4:32:01 AM
(MENAFN) Bitcoin experienced a notable surge of 3.6 percent, reaching its highest levels in 18 months, fueled by mounting expectations for the approval of exchange-traded funds (ETFs) targeting the largest cryptocurrency in the market. The cryptocurrency reached $36,856, marking its highest valuation since May 2022. In tandem with Bitcoin's rise, Ethereum, a smaller cryptocurrency in comparison, witnessed a 2.2 percent increase, while Solana advanced by 3.2 percent.
The surge in Bitcoin's value is closely tied to the speculation surrounding the approval of Bitcoin ETFs. Analysts James Seyphart and Eric Balchunas from Bloomberg Intelligence revealed that the US Securities and Exchange Commission (SEC) has been granted a short deadline of at least eight days to "issue theoretical approval orders" for Bitcoin ETFs. The analysts noted that even if official approvals are not granted this month, there is a belief that there is a chance for an announcement of approval by January 10, 2023.
The anticipation of regulatory approval for Bitcoin ETFs has been a key driver in the recent surge, as the cryptocurrency market reacts to the potential mainstream adoption and investment opportunities that these financial instruments could bring. The market's positive response reflects the growing integration of cryptocurrencies into traditional financial systems and the evolving landscape of digital assets as recognized investment vehicles.
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