Cryptocurrencies are riding a new wave, with Bitcoin climbing back above the $38,000 level. The increases follow advancements in the process of accepting a spot Bitcoin ETF. Yesterday, the SEC announced in an official statement that it met with Grayscale on Thursday regarding the potential conversion of the Grayscale Bitcoin Trust. Investors are growing optimistic as the next window for accepting all applications approaches, which will be between January 5-10, 2024. Additionally, sentiment is bolstered by news of another spot ETF application for Ethereum being filed. The Fidelity fund is the seventh institution to apply for such an ETF, with most applications having a final deadline between the end of May and the beginning of August 2024.
Today, Bitcoin has gained 1.90% and is once again trading above $38,000. The price of Bitcoin has currently reached around $38,500 and is again at its highest level. If the bulls maintain momentum, the current move may find resistance only at the $40,000 level. However, ideally, to pave the way, we should first see a daily candle close above $38,000.
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Source: xStation 5
