Bitcoin Blasts Past $31,000 As BTC Spot ETF Surges Optimism

Bitcoin hit $31,000 a coin on Monday.

The largest digital asset by market capitalization was traded at $31,284, up nearly 5% in 24 hours, CoinGecko reported. The coin has gained more than 11 percent in the past seven days.

Bitcoin was this high in mid-July. It has since fallen to $25,133 but has mostly hovered between $26,000 and $27,000 per penny.

Bulls flood the space on talk of a spot Bitcoin ETF Investors hope the long-awaited crypto product will soon receive approval from the US Securities and Exchange Commission.

Monday's CoinShares report showed that institutional investors are pouring money into the space; JPMorgan analysts said last week that a Bitcoin ETF could be approved by Christmas.

High-profile investment firms that have filed for spot ETFs with the SEC are fine-tuning their applications in hopes that the regulator will give them the green light.

Investors have been clamoring for a bitcoin ETF for the past decade, but Wall Street's biggest regulator says experts have rejected applications for such a product, mostly citing market manipulation as the main reason.

But analysts are now more optimistic than ever: BlackRock, the world's largest fund manager, has filed for its own Bitcoin ETF. Not long after, manager Greyscale scored a victory against the SEC when a federal judge sided with the firm in its application to convert the original Bitcoin fund into an ETF.

So does the rest of the crypto market. Ethereum, the second largest cryptocurrency, has increased more than 3% in the past day, trading at $1,685. Dogecoin, the 10th largest, with more than 5%, trades hands at $0.06.

In the year Bitcoin is up 88% year-to-date, trading at $16,615 on January 1st. But still below – by 55% – the all-time high of $69,044 in November 2021.

Edited by Stacy Elliott.