{"id":73109,"date":"2023-10-16T06:40:40","date_gmt":"2023-10-16T10:40:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-prices-soar-amid-new-wave-of-bullishness-on-crypto-etf-approvals\/"},"modified":"2023-10-16T06:40:43","modified_gmt":"2023-10-16T10:40:43","slug":"bitcoin-prices-soar-amid-new-wave-of-bullishness-on-crypto-etf-approvals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73109","title":{"rendered":"Bitcoin Prices Soar Amid New Wave of Bullishness on Crypto ETF Approvals"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies surged Monday on the rising possibility that the Securities and Exchange Commission soon will approve the first spot Bitcoin exchange-traded fund, a key catalyst for cryptos.<\/p>\n

The price of Bitcoin has rallied more than 3% over the past 24 hours to above $27,800, blowing past the confines of a stagnant trading range around $26,000 that had taken hold in the past week. The largest digital asset is nearing the key $28,000 level beyond which is its recent peak around $28,500.<\/p>\n

\n

While cryptos continue to be impacted by the macro backdrop\u2014with Bitcoin reacting alongside the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n to interest-rate expectations and new conflict in the Middle East\u2014crypto-native catalysts have returned to the fore.\u00a0<\/p>\n

In focus are looming decisions from the Securities and Exchange Commission (SEC) over spot Bitcoin exchange-traded funds (ETFs) and the conversion of the
\n Grayscale Bitcoin Trust
\n to a spot Bitcoin ETF.\u00a0\u00a0<\/p>\n

The regulator could decide this month whether to wave through the first such ETFs\u2014as applied for by BlackRock, Invesco, and other financial giants this summer\u2014and whether to appeal a legal win by Grayscale that sets the stage for the trust conversion. The latest news on the matter, which has ushered in the latest gains for Bitcoin, is that the SEC\u00a0doesn\u2019t plan to\u00a0 appeal\u00a0a federal court ruling that\u00a0all but paves the way for Grayscale to convert\u00a0its trust to an ETF,\u00a0as\u00a0Barron\u2019s\u00a0has reported<\/em>.<\/em><\/p>\n

While futures ETFs that hold Bitcoin have existed for years, no spot Bitcoin ETF, which holds Bitcoin itself as opposed to derivatives tracking the token, yet trades in the U.S., though momentum from financial firms and the legal backdrop have improved this year. A spot Bitcoin ETF would be expected to usher in a fresh wave of investor interest in digital assets and pave the way for greater institutional interest in the asset.<\/p>\n

A key sign that traders have turned particularly bullish on the Grayscale conversion Monday was a shift in the Grayscale discount.\u00a0<\/p>\n

As a relatively illiquid trust, Grayscale\u2019s Bitcoin fund has for almost two years traded at a discount to its net asset value, but that discount has narrowed amid bets that the SEC will wave through the fund\u2019s conversion, which would see it move to par. The Grayscale discount moved to its narrowest since December 2021 on Monday at below 16%, having closed from a discount of near 19% at the beginning of October.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014advanced 2% to $1,580. Smaller tokens or altcoins were also buoyant, with
\n Cardano
\n climbing 2% and
\n Polygon
\n popping 1%. Memecoins also advanced, with
\n Dogecoin
\n and
\n Shiba Inu
\n up 1% each.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies surged Monday on the rising possibility that the Securities and Exchange Commission soon will approve the first spot Bitcoin exchange-traded fund, a key catalyst for cryptos. The price of Bitcoin has rallied more than 3% over the past 24 hours to above $27,800, blowing past the confines of a stagnant trading […]<\/p>\n","protected":false},"author":1,"featured_media":69064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-73109","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Prices Soar Amid New Wave of Bullishness on Crypto ETF Approvals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies surged Monday on the rising possibility that the Securities and Exchange Commission soon will approve the first spot\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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