New directions for Bitcoin Spot ETF, Bitcoin breaks through $36,500

Bitcoin is rising again. The cryptocurrency rose three percent today, Nov. 9, 2023. The price broke through the $36,500 mark for the first time since May 2021. Over the course of the week, the price will rise as much as ten percent. The reason: New information about the approval of a Bitcoin spot ETF.

According to Coindesk the SEC is currently in active discussions with Grayscale. This is about exactly what the ETF should look like. Other competitors are also in negotiations.
"Overall, it was a good deal and it's not a question of if, but when." says Craig Sam, legal head of Grayscale. Among the contenders are titans of Wall Street, including BlackRock, the world's largest asset manager.

The deadline for the next set of decisions is from Nov. 8 to Nov. 17. So the decision could be made soon. There have been growing indications for weeks that the SEC will allow Bitcoin spot ETFs. Bloomberg analysts assume a 90 percent probability that this will happen no later than January 2024. Bitcoin's price has been rising steadily for some time. By nearly 30 percent in October alone.

A Bitcoin spot ETF would bring a lot of institutional money to the market. Estimates say up to $500 billion in five years. Bitcoin is currently trading at $36,700 with a total market capitalization of $718 billion. Bitcoin's dominance is 52 percent. This figure is also currently rising continuously.