Bitcoin price up 4% in past day, breaking through $37,000

The asset has remained on an upward trajectory in recent weeks in part due to optimism around spot bitcoin ETF approval

article-image

Anastasiya Shatyrova/Shutterstock modified by Blockworks

share

Bitcoin’s price reached $37,000 Thursday, a level not reached since May 2022. 

The price was about $37,100 minutes before 9 am ET — up 4.9% from 24 hours ago, according to CoinGecko. It had reached as high as $37,149, the data shows. 

Ether’s price was at $1,922 at that time, a 1.6% increase in the past day. 

“Looking ahead, the breakthrough above the $37,000 and $2,000 mark will be a significant milestone, and our outlook is optimistic concerning bitcoin’s price action,” Douglas Comin, senior crypto options trader at XBTO, said in a statement. “The momentum appears poised to persist as the cryptocurrency market continues to garner attention from institutional investors.”

Bitcoin’s price briefly spiked on Oct. 16 after a false media report claimed the US Securities and Exchange Commission had approved BlackRock’s proposed spot bitcoin ETF. 

This came a few days after the regulator chose not to challenge Grayscale Investments’ court win against the SEC. Judges ruled in that case the SEC’s decision to deny the conversion of the Grayscale Bitcoin Trust (GBTC) to an ETF — but allow the launch of bitcoin futures ETFs — was “arbitrary and capricious.”

Read more: ‘Game on’: SEC opts not to appeal Grayscale’s court win

Bitcoin’s (BTC) price has continued climbing since. 

“When the SEC refrained from opposing the Grayscale decision, it became evident that the question was not ‘if’ but ‘when’ a bitcoin ETF would become a reality, causing the market to rally,” Comin said. 

Bloomberg Intelligence analysts have pegged the chance of spot bitcoin ETF approval at 90% by Jan. 10 — the date by which it must rule on such a proposal by Ark Invest and 21Shares. 

Loading Tweet..

Galaxy Digital research associate Charles Yu wrote in a report last month that the price of bitcoin could increase by 74% in the 12 months following spot ETF approval. Yu and others have looked to the gold market as a point of comparison to determine the potential effect of such a product on BTC’s price.

Aside from the ETF optimism, bitcoin and other crypto assets have outperformed traditional assets in recent weeks amid “the uncertain macro backdrop and weakness in US banks,” Compass Point Research and Trading analysts said in a Nov. 3 research note. 

BlackRock CEO Larry Fink said last month bitcoin is an asset some investors are gravitating toward — alongside gold and Treasurys — amid a “flight to quality.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

The “fastest-growing ETF in history” has seen net inflows on every trading day since its Jan. 11 launch

article-image

Relm and Chainproof will provide insurance quotes to distributed validators

article-image

DLC.Link uses a Taproot-based Bitcoin multisig to let institutions mint dlcBTC, starting on Arbitrum

article-image

Pre-seed Bitcoin startup deals rose 360% in 2023, a TVP report shows

article-image

Circle’s new smart contract to allow holders of BlackRock USD Institutional Digital Liquidity Fund to redeem shares for its stablecoin

article-image

Uniswap says it was not surprised to receive a Wells notice given the SEC’s “abusive” use of power as of late