Bitcoin added $37K on market optimism for pending ETF approvals.
Bitcoin (BTC) briefly surpassed the $37,000 mark for the first time in 18 months.
Data from several cryptocurrency market platforms, including Cointelegraph Markets Pro and TradingView, show that BTC/USD hit $37,073 as of 7:47 a.m. ET on Nov. 9.
Price data from the Chicago Mercantile Exchange (CME) rose as high as $37,450 at 5:22 a.m. ET, while Bitcoin futures were trading above $37,000.
Bitcoin's most recent price increase is due to the approval of 12 separate spot Bitcoin ETFs over the next week. According to Bloomberg ETF analysts James Seifert and Eric Balchunas, the US Securities and Exchange Commission (SEC) has until November 17 to approve several high-profile deals from prominent US fund managers.
While there was a lot of praise for the approval of these much-anticipated BTC products, both analysts pointed out that it could be a month or more before these offerings actually start.
Meanwhile, Greyscale, the largest cryptocurrency asset manager in the United States, has reportedly been directly involved by the SEC in converting the Greyscale Bitcoin Trust into a Bitcoin ETF position. The US has yet to see the adoption of a Bitcoin ETF, which allows investors to gain indirect exposure to a financial product backed by physical BTC.
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