The Reason Why Today's Price of Bitcoin (BTC) soared to $37K
Today, November 9, is the start of the six-day period during which the US SEC may authorize numerous spot BTC ETFs in the United States.
Due to a bullish trend in the cryptocurrency market and the expectation of the SEC's ruling regarding Bitcoin ETFs, the price of Bitcoin shot up to $36,700.
A period of six days has begun for the SEC to make a decision about the approval of multiple applications for Bitcoin ETFs.
High-profile forecasts indicate that social instability and the 2024 halving event, among other things, might cause Bitcoin's price to skyrocket to between $200K and $350K.
Following a few days of comparatively low volatility, the price of Bitcoin has started to rise once more. According to data from CoinMarketCap, it reached a new 18-month high of more than $36,700 a few hours ago.
Although this appears to be excellent news for bulls, it is important to consider the primary causes of the most recent rally.
A potential contributing reason may be the multiple exchange-traded fund (ETF) applications for spot Bitcoin that have been filed in recent months by major financial institutions like Invesco and BlackRock.
According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the US Securities and Exchange Commission (SEC) will have six days starting today, November 9, to approve or reject the ETFs.
The general bullishness of the market may also be contributing to Bitcoin's ascent. In the last day, the majority of digital assets have shown significant advances, while the total value of the global cryptocurrency market has increased to $1.4 trillion.
With its value having increased by more than 120% since January 1, Bitcoin has had a very successful year thus far. But according to a number of experts, this is just the start of an even bigger surge that could push the asset to all-time highs.
Max Keiser, the chairman of El Salvador-based Volcano Energy, a startup that mines Bitcoin, and Michael Saylor, the executive chairman of MicroStrategy, were two well-known figures that discussed the issue.
While the latter sees BTC selling at over $350K, supported by the 2024 halving event, the former believes the main digital currency might rise to $200K following potential social turmoil.
Soon, those who are interested in checking out the five more price projections from well-known individuals will be able to do so. Thanks for your time. See you again ☺️.
Lead image was taken from unsplash