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Bitcoin's Rally To $39,000 Sparked By Hopes For Spot Bitcoin ETF Approval

Published Dec 02, 2023 20:44 Updated Dec 02, 2023 22:10
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© Reuters. Bitcoin's Rally To $39,000 Sparked By Hopes For Spot Bitcoin ETF Approval
 
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Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.

Bitcoin (CRYPTO: BTC) has soared to $39,000 per coin, a level not seen since April 2022.

According to CoinMarketCap, Bitcoin hit $39,000 per coin at around 11.30 am ET. The cryptocurrency has witnessed a nearly 3% increase in the last 24 hours and an impressive 12% rise over the past month.

At the time of writing, Bitcoin was trading at $39,277.48, up by 4% in the last seven days.

According to reports, the recent uptick in Bitcoin's price is partly attributed to the growing optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

An approval would provide traditional investors a regulated avenue to invest in Bitcoin, potentially leading to a significant capital influx into the crypto market.

However, despite this recent surge, it's important to note that Bitcoin's current value is still well below its all-time high of $69,044 per coin, which was achieved in November 2021.

Bloomberg reported that crypto enthusiasts are contemplating the possibility of Bitcoin reaching $40,000 as they approach the last phase of the year.

Also Read: Bitcoin Set To Break $40,000 Barrier, Says Crypto Expert: 'It Looks Like It Is Just A Rising Floor'

In this period, the leading digital asset has witnessed a remarkable surge, surpassing the gains of traditional investments, such as stocks and gold, with a notable rebound of approximately 130% from the crypto downturn in 2022.

The optimistic outlook is fueled by anticipated Federal Reserve interest-rate cuts in the coming year and the potential approval of the first spot Bitcoin ETF, combining to form a powerful catalyst for the cryptocurrency.

“In order to get to $40,000, we just need that approval for the spot Bitcoin ETF,” Fiona Cincotta, senior financial markets analyst at City Index Ltd, told Bloomberg.

Bloomberg also reported that the configuration of positions within the Bitcoin options market suggests a potential trading range of $37,000 to $40,000 for December.

Traders who are selling bullish call options with a $40,000 strike price are evidently prepared to assume the opposing position, suggesting that this level will serve as a significant test zone for Bitcoin's potential resurgence.

Now Read: Crypto Analyst Says Bitcoin Bull Market Is On The Horizon: 'This Is The Beginning'

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Bitcoin's Rally To $39,000 Sparked By Hopes For Spot Bitcoin ETF Approval
 

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