In a bullish run, Bitcoin's value showed remarkable growth on Monday, momentarily surpassing $34,500 - a significant increase of over 10% within a day, according to CoinDesk data. This surge represents the highest value for the cryptocurrency since May 2022. After reaching $30,000 on Sunday, October 23, 2023, Bitcoin continued its upward trajectory to peak at $34,942 early Monday morning before settling around $33,000.
The surge is largely attributed to optimism surrounding the prospective approval of a U.S. Bitcoin ETF. A U.S. Appeals court ruling recently favored Grayscale Investments' application to transform its Bitcoin Trust into an ETF. Additionally, BlackRock Inc (NYSE:BLK).'s proposed Bitcoin ETF has been listed on the Depository Trust & Clearing Corporation (DTCC), fueling anticipation further.
The SEC, which had previously dismissed such applications citing market manipulation concerns, is expected to shift its stance soon. Alex Adelman, CEO of Lolli, predicted that the approval of Bitcoin ETFs could result in substantial price surges and provide both institutional and retail investors with new avenues for investing in Bitcoin within regulatory parameters.
This year marked a significant recovery for Bitcoin, which doubled its value from its starting point of $16,000, shaking off bearish sentiments following the collapse of crypto exchange FTX. Other cryptocurrencies like Ether also experienced an increase in value amidst this optimism.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.