{"id":82843,"date":"2023-11-10T01:31:02","date_gmt":"2023-11-10T06:31:02","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-eyes-40000-as-etf-optimism-sends-the-crypto-to-18-month-high\/"},"modified":"2023-11-10T01:31:06","modified_gmt":"2023-11-10T06:31:06","slug":"bitcoin-eyes-40000-as-etf-optimism-sends-the-crypto-to-18-month-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82843","title":{"rendered":"Bitcoin eyes $40,000 as ETF optimism sends the crypto to 18-month high\u00a0"},"content":{"rendered":"
\n

Bitcoin rose Thursday to as high as $37,960, its strongest level since May 2022, on hope that an exchange-traded fund investing directly in the cryptocurrency could be approved soon. <\/p>\n

The largest crypto
\n BTCUSD,
\n +0.24%<\/bg-quote>
\n climbed 6.5% over the past 24 hours to about $37,502, according to CoinDesk data.\u00a0\u00a0<\/p>\n

\n

It is now eyeing $39,860 as its next resistance level, from the technical perspective, according to James Harte, analyst at Tickmill Group.\u00a0\u00a0<\/p>\n

Thursday marks the start of an eight-day window for the Securities and Exchange Commission to \u201ctheoretically issue approval orders\u201d for the pending spot bitcoin ETF applications, according to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas. There are currently 12 bitcoin ETF applications pending with the SEC.\u00a0<\/p>\n

\u00a0\u201cEven if approvals don\u2019t arrive this month, we still believe there\u2019s a 90% chance of approval by Jan. 10,\u201d the final deadline facing the application filed by ARK Invest and 21 Shares, they wrote in a note.\u00a0<\/p>\n

The SEC has repeatedly rejected spot bitcoin ETFs in the past, citing their vulnerability to market manipulation, but a recent court win by Grayscale Investments reignited hopes that such products may come to the market soon.\u00a0<\/p>\n

Read:<\/strong> Grayscale CEO: Bitcoin gains show a \u2018flight to quality\u2019 amid economic uncertainty<\/p>\n

\u201cBullish sentiment looks likely to continue through year-end with any SEC approvals likely to drive a big wave of demand throughout the crypto sector, not just in BTC,\u201d Harte wrote in emailed comments.\u00a0\u00a0<\/p>\n

\u201cApproval would mark a major move into the mainstream for BTC and is expected to tap in to a heavy stream of institutional demand,\u201d Harte noted. <\/p>\n<\/p><\/div>\n<\/div>\n

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

Bitcoin rose Thursday to as high as $37,960, its strongest level since May 2022, on hope that an exchange-traded fund investing directly in the cryptocurrency could be approved soon. The largest crypto BTCUSD, +0.24% climbed 6.5% over the past 24 hours to about $37,502, according to CoinDesk data.\u00a0\u00a0 It is now eyeing $39,860 as its […]<\/p>\n","protected":false},"author":1,"featured_media":4965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82843","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin eyes $40,000 as ETF optimism sends the crypto to 18-month high\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin rose Thursday to as high as $37,960, its strongest level since May 2022, on hope that an exchange-traded fund investing directly in the\" \/>\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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