Bitcoin (BTC) experienced a significant surge in value, exceeding $35,000, spurred by the anticipation of Bitcoin exchange-traded funds (ETFs).
The price of Bitcoin rapidly rose, hitting the $35,000 mark within minutes. This brings the cryptocurrency back to its May 2022 levels, a stark contrast to the industry’s previous slump.
The mood in the crypto market has been positively impacted by the potential arrival of Bitcoin ETFs. Proponents argue that these ETFs will simplify BTC purchase, potentially attracting a wider pool of investors.
Grayscale, owned by Digital Currency Group, currently operates the largest exchange-traded Bitcoin product. Despite the U.S. Securities and Exchange Commission’s initial rejection, a court ruling in favor of Grayscale renews the chance of the trust becoming an ETF.
The rapid BTC surge on Monday resulted in the liquidation of over $167 million in derivative positions, contributing to the day’s total of $344 million, as per CoinGlass data.
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