Bitcoin surges past $37K, a first since the Terra fallout, with ETF approval hopes rising.
Bitcoin hits $37,000, the highest since the Terra crisis 18 months ago, sparking a market downturn.
Currently, Bitcoin is trading at $37,714, marking a 5% increase in one day and a 35% rise in the last month. The last time it was this high was before the Terra project failed, leading to several crypto bankruptcies, including the FTX exchange.
Since Bitcoin was worth less than $17,000 in January, it has risen over 124% but is still below its record high from November 2021.
The surge may be due to hope for a Bitcoin ETF approval, a type of investment fund that follows Bitcoin's value. Big firms on Wall Street have asked the SEC for permission to start these funds.
BlackRock pushed the ETF trend earlier this year, and JP Morgan thinks the SEC might approve one by January 2024, which would be a first.
Analysts from Bloomberg think the SEC might approve 12 Bitcoin ETFs soon.
Other cryptocurrencies are also doing well. Solana went up over 10%, and Chainlink increased by 11%, while the total crypto market value grew by 3.5% to $1.44 trillion today.
Below is a chart showing Bitcoin's Price movement in the past 7 days https://coinpaprika.com/coin/btc-bitcoin/
