Bitcoin has broken above $40,000 for the first time this year as it rides a wave of momentum on broad enthusiasm about US interest rate cuts and as traders anticipate the imminent approval of US-stockmarket traded bitcoin funds.
The world's biggest cryptocurrency hit $41,522 on Monday, its highest since April 2022 and has seemed to cast off the funk that had settled over crypto markets since the collapse of FTX and other crypto-business failures in 2022.
Bitcoin's recent rise has been fueled by industry-wide anticipation of spot Bitcoin ETFs, which trade Bitcoin at its real-time price, widely expected to be approved in the coming months. Analysts said the SEC's recent request for comment from the public may show the agency is on an accelerated timeline when it comes to Bitcoin ETF approval, www.theblock.co reported.
The SEC has yet to approve a Bitcoin ETF, despite filings from major asset managers including BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton. Swiss asset manager Pando Asset was the latest firm to file an S-1 form with the SEC, seeking approval for a spot Bitcoin ETF, the report added.